Gold - June 23, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading near $1784 per ounce on Wednesday. Gold August future contract at MCX were trading marginal up at Rs. 47097 per 10 grams by noon session.

Gold prices pared previous losses after FED Chairman Jerome Powell warned that the economic recovery requires more time before stimulus unwinding. He reaffirmed that tighter monetary policy is far away on higher inflation concerns. Gold prices are hovering in steady range with dollar fluctuations and mixed global cues. The dollar index fell from two month highs to 91.70 mark post FED testimony.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1765 and resistance at $1800 per ounce. MCX Gold August support lies at Rs. 46800 and resistance at Rs.47400 per 10 gram.

Source : Equity Bulls

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