Gold - April 30, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading at $1769 per ounce on Friday. Gold June future contract at MCX were trading marginal up at Rs. 46771 per 10 grams by noon session.

Gold prices pared early gains on US economic recovery with better than expected US GDP numbers. The rise in US bond yields also pressured gold prices to trade weak. The positive economic data from US and ease in lockdown measures in Europe has capped upside in the yellow metal.

We expect gold prices to trade sideways to down for the day with COMEX gold support at $1755 and resistance at $1790 per ounce. MCX Gold June support lies at Rs. 46400 and resistance at Rs. 47100 per 10 gram.

Source : Equity Bulls

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