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

Gold prices traded higher with COMEX spot gold prices were trading more than 1% up near $1791 per ounce on Friday. Gold August future contract at MCX were trading marginal up at Rs. 47150 per 10 grams by noon session as rupee appreciation capped upside.

Gold prices witnessed pullback on Friday after falling on stronger dollar after US FED tapering signal. The FED hinted hawkish stance by 2023 which boosted buying in dollar with outflow from safe haven asset. Gold prices may see some short recovery while short term bias to remain bearish.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1770 and resistance at $1800 per ounce. MCX Gold August support lies at Rs. 46800 and resistance at Rs.47500 per 10 gram.

Source : Equity Bulls

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