Gold - May 11, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices were trading at $1834 per ounce on Tuesday. Gold June future contract at MCX were trading down at Rs. 47773 per 10 grams by noon session.

Gold prices traded under pressure on firm dollar and rebound in US 10 year bond yields. The traders and investors are awaiting form fresh triggers from US inflation data to be released on Wednesday.

We expect gold prices to trade sideways to down for the day with COMEX gold support at $1820 and resistance at $1850 per ounce. MCX Gold June support lies at Rs. 47600 and resistance at Rs. 48000 per 10 gram.

Source : Equity Bulls

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