Gold - May 12, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices were trading at $1832 per ounce on Wednesday. Gold June future contract at MCX were trading marginal down at Rs. 47557 per 10 grams by noon session.

Gold prices witnessed selling as investors and traders are awaiting key US inflation data and 10 year bond auction. Gold prices traded under pressure on stronger dollar and rise in bond yields on mixed global cues.

We expect gold prices to trade sideways to down for the day with COMEX gold support at $1820 and resistance at $1850 per ounce. MCX Gold June support lies at Rs. 47200 and resistance at Rs. 47900 per 10 gram.

Source : Equity Bulls

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