Gold - Feb 24, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded steady with COMEX spot gold prices were trading near $1807 per ounce on Wednesday. Gold April future contract at MCX were trading marginal down at Rs. 46783 per 10 grams by noon session limiting gains on rupee appreciation.

Gold prices traded under pressure with rise in US bond yields despite of dovish stance form US FED chairman. Jerome Powell signaled accommodative policy for next couple of years to support economic recovery.

We expect gold prices to trade sideways to up with COMEX spot gold support lies at $1790 and resistance at $1820. MCX Gold April support lies at Rs. 46400 and resistance lies at Rs. 46900.

Source : Equity Bulls

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