Gold - May 14, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading at $1832 per ounce on Friday. Gold June future contract at MCX were trading marginal up at Rs. 47564 per 10 grams by noon session.

Gold prices halted two days decline on Friday supported by weaker dollar. Gold prices have kept firm trading range on mixed global cues as investors and traders are weighing inflation concerns over dovish FED outlook.

We expect gold prices to trade sideways to up 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. 47800 per 10 gram.

Source : Equity Bulls

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