Gold - May 24, 2021 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices were trading marginal up at $1882 per ounce on Monday. Gold June future contract at MCX were trading near Rs. 48500 per 10 grams by noon session.

Gold prices continued upside after gaining for three consecutive weeks. Gold prices traded near four month highs on weaker dollar while sell off in crypto currencies also boosted buying in safe haven asset. Traders and investors are betting against higher inflation worries which may support gold prices to trade up.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1860 and resistance at $1900 per ounce. MCX Gold June support lies at Rs. 48200 and resistance at Rs. 48800 per 10 gram.

Source : Equity Bulls

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