Gold - May 19, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading down at $1867 per ounce on Wednesday. Gold June future contract at MCX were trading marginal up at Rs. 48384 per 10 grams by noon session on rupee depreciation.

Gold prices kept range bound trading on mixed global cues. The firm dollar pressure gold prices to trade weak. The Europe and UK are easing lockdown restrictions which may limit some gains in gold prices. However, market focus will be on FED minutes of tonight.

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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