Gold - May 3, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading at $1775 per ounce on Monday. Gold June future contract at MCX were trading half a percent up at Rs. 47010 per 10 grams by noon session.

Gold prices pared some of previous losses after falling for two weeks as weaker dollar supported prices to trade firm. Traders and investors are awaiting more economic data this week after stronger US GDP numbers.

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. 47200 per 10 gram.

Source : Equity Bulls

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