Gold - May 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded steady with COMEX spot gold prices were trading at $1788 per ounce on Tuesday. Gold June future contract at MCX were trading flat at Rs. 47264 per 10 grams by noon session.

Gold prices witnessed sharp rebound following cues from weak US manufacturing PMI data. The yellow metal also got support from inflation concerns and fall in bond yields despite of assurance from Treasury secretary Jennet Yellen.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1770 and resistance at $1800 per ounce. MCX Gold June support lies at Rs. 46900 and resistance at Rs. 47600 per 10 gram.

Source : Equity Bulls

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