Gold - April 20, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading down at $1768 per ounce on Tuesday. Gold June future contract at MCX were trading lower at Rs. 47229 per 10 grams by noon session.

Gold prices traded under pressure after US bond yields recovered from the recent lows. The yellow metal witnessed selling with rise in US bond yields while prices were $10 away from touching $1800 levels. The benchmark US treasury yields rose to 1.62% on Tuesday after hitting lows at 1.55%. However, gold prices capped downside over rising worries dues to sudden rise in virus cases across globe. Traders and investors may remain cautious ahead of US bond auction due on Wednesday.

We expect gold prices to trade sideways to down for the day with COMEX spot gold support lies at $1755 and resistance at $1790. MCX Gold June support lies at Rs. 46900 and resistance lies at Rs. 47600.

Source : Equity Bulls

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