Gold - April 22, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded marginal down with COMEX spot gold prices were trading down at $1791 per ounce on Thursday. Gold June future contract at MCX were trading half a percent down at Rs. 47940 per 10 grams by noon session.

Gold prices held firm trading range on Thursday hovering above $1790 per ounce. The yellow metal earlier rallied on pandemic worries as rising cases in Japan and India with partial lockdown added risk premium to the prices. Gold prices attracted safe haven buying despite steady dollar and US bond yields.

We expect gold prices to trade sideways to up for the day with COMEX spot gold support lies at $1785 and resistance at $1800. MCX Gold June support lies at Rs. 47600 and resistance lies at Rs. 48200.

Source : Equity Bulls

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