Gold - April 29, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded marginal down with COMEX spot gold prices were trading at $1777 per ounce on Thursday. Gold June future contract at MCX were trading down at Rs. 46966 per 10 grams by noon session on stronger rupee.

Gold prices fluctuated on dovish FED outlook with no hurry in curbing emergency support. Gold prices recovered in the morning trade followed by another stimulus from Biden administration. US President Joe Biden unveiled new $1.8 trillion stimulus which may boost buying in gold on expanding FED balance sheet.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1760 and resistance at $1790 per ounce. MCX Gold June support lies at Rs. 46700 and resistance at Rs. 47300 per 10 gram.

Source : Equity Bulls

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