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

Gold prices traded steady with COMEX spot gold prices were trading near $1806 per ounce on Friday. Gold August future contract at MCX were trading flat at Rs. 47605 per 10 grams by noon session.

Gold prices continued upside on Friday after gaining above $1800 on Thursday evening session with fall in US treasury yields. Overall bullion prices traded under pressure on stronger dollar with rise in virus cases across globe. The dollar index was up near 92.87 capping upside in gold prices for the day.

We expect gold prices to trade sideways to down with COMEX spot gold resistance at $1820 and support at $1790 per ounce. MCX Gold August support lies at Rs. 47200 and resistance at Rs.47900 per 10 gram.

Source : Equity Bulls

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