Gold - April 23, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices were trading at $1784 per ounce on Friday. Gold June future contract at MCX were trading steady at Rs. 47752 per 10 grams by noon session.

Overall Gold prices held firm trading range recovering from Thursday's lows. The better than expected US Jobless claims report triggered selling in gold prices. Gold prices may resume buying with fall in equity indices after US President Joe Biden's new tax proposal.

We expect gold prices to trade sideways to up for the day with COMEX spot gold support lies at $1770 and resistance at $1800. MCX Gold June support lies at Rs. 47500 and resistance lies at Rs. 48200.

Source : Equity Bulls

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