Gold - July 16, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading down near $1823 per ounce on Friday. Gold August future contract at MCX were 0.25% lower at Rs. 48280 per 10 grams by noon session.

Gold prices traded above $1820 with gold prices are set to report fourth straight weekly gain on central bank comments and mixed economic data. The worries over spreading of the Delta variant also supported bullion prices to trade higher this week. Gold prices witnessed some correction on Friday on Fed tapering concerns.

We expect gold prices to trade sideways to down for the day with COMEX gold support at $1810 and resistance at $1840 per ounce. MCX Gold August support lies at Rs. 48000 and resistance at Rs.48500 per 10 gram.

Source : Equity Bulls

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