Gold - March 9, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices were trading near $1696 per ounce, over half a percent up on Tuesday. Gold April future contract at MCX were trading marginal up at Rs. 44420 per 10 grams by noon session.

Gold prices traded firm supported by weaker dollar and US stimulus progress. The house may pass $1.9 trillion stimulus package today when it appears for voting. The yellow metal capped upside due to firm US bond yields.

We expect gold prices to trade sideways to up for the day with COMEX spot gold support lies at $1680 and resistance at $1710. MCX Gold April support lies at Rs. 44100 and resistance lies at Rs. 44700.

Source : Equity Bulls

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