Gold - May 18, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading up at $1869 per ounce on Tuesday. Gold June future contract at MCX were trading marginal down at Rs. 48310 per 10 grams by noon session on rupee appreciation.

Gold prices rallied giving breakout of short term trend line above $1860. Gold prices were supported by weaker dollar amid disappointed US and Chinese data. The higher inflation concerns in China and US may keep gold prices up in near term with dovish policy stance.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1850 and resistance at $1876/1890 per ounce. MCX Gold June support lies at Rs. 48000 and resistance at Rs. 48700 per 10 gram.

Source : Equity Bulls

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