Gold - May 21, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices were trading marginal up at $1877 per ounce on Friday. Gold June future contract at MCX were trading marginal down at Rs. 48456 per 10 grams by noon session.

Gold prices shed some previous gains on profit booking and is still heading for third weekly gain. The higher inflation worries from major central banks has raised speculation over hawkish FED stance triggering some correction in the yellow metal.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1860 and resistance at $1900 per ounce. MCX Gold June support lies at Rs. 48100 and resistance at Rs. 48900 per 10 gram.

Source : Equity Bulls

Keywords