Gold - Feb 19, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading near $1774 per ounce on Friday. Gold April future contract at MCX were trading down at Rs. 46011 per 10 grams by noon session.

Gold prices pared previous gains reported seventh straight decline on Friday. The yellow metal traded under pressure with rise in bond yields which dampened demand for safe haven. The risk on sentiments drove investors out of precious metals with Gold ETF holdings at SPDR gold shares falling to 1132 tonnes.

We expect gold prices to trade sideways to down with COMEX spot gold support lies at $1760 and resistance at $1790. MCX Gold April support lies at Rs. 45800 and resistance lies at Rs. 46300.

Source : Equity Bulls

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