Gold - June 1, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading up at $1912 per ounce Tuesday. Gold August future contract at MCX were trading half a percent up at Rs. 49637 per 10 grams by noon session supported by sharp rupee depreciation.

Gold prices traded higher extending gains on mixed global cues as US and Europe markets will return from Holiday. Investors focused on weaker dollar over better than expected China factory data. The dollar index was trading 0.18% lower in the morning trade.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1900 and resistance at $1920 per ounce. MCX Gold August support lies at Rs. 49400 and resistance at Rs. 49900 per 10 gram.

Source : Equity Bulls

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