Gold - March 8, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded steady with COMEX spot gold prices were trading near $1700 per ounce on Friday. Gold April future contract at MCX were trading marginal down at Rs. 44571 per 10 grams by noon session.

Gold prices traded under pressure witnessing some pull back on Monday. The yellow metal was steady near $1700 levels after the U.S. Senate's passage of a $1.9 trillion stimulus package including $400 billion in one-time payments of $1,400. Gold prices have respected key support at $1690 per ounce on weekly closing basis.

We expect gold prices to trade sideways to down for the day with COMEX spot gold support lies at $1690 and resistance at $1710. MCX Gold April support lies at Rs. 44200 and resistance lies at Rs. 44800.

Source : Equity Bulls

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