Gold - May 28, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices were trading down at $1891 per ounce Friday. Gold June future contract at MCX were trading 0.42% down at Rs. 48375 per 10 grams by noon session pressured by stronger rupee.

Gold prices witnessed decline after positive US economic data showing strong economic growth. The traders and investors are awaiting key indicating data of US inflation in the evening session which has pressured gold prices to trade weak.

We expect gold prices to trade sideways to down for the day with COMEX gold support at $1876 and resistance at $1910 per ounce. MCX Gold June support lies at Rs. 48100 and resistance at Rs. 48700 per 10 gram.

Source : Equity Bulls

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