Gold - May 7, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading at $1820 per ounce on Friday. Gold June future contract at MCX were trading up at Rs. 47635 per 10 grams by noon session.

Gold prices were boosted by fall in dollar index and decline in US bond yields. The 10 year US Treasury yields fell to 1.56% on Thursday while dollar index fell below 91 mark. Gold prices rose to 10 week highs breaking the important resistance of $1800 while silver prices rallied with strong industrial metals on higher demand outlook.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1795 and resistance at $1840 per ounce. MCX Gold June support lies at Rs. 47400 and resistance at Rs. 48000 per 10 gram.

Source : Equity Bulls

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