Gold - June 14, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices were trading nearly 1% down at $1858 per ounce on Monday. Gold August future contract at MCX were trading 0.97% at Rs. 48431 per 10 grams by noon session.

Gold prices extended decline on firm dollar and FOMC speculation as recent data from US has raised market speculation of change in FED stance. The traders and investors are awaiting for fresh triggers for US FOMC meet on Wednesday to enter fresh long.

We expect gold prices to trade sideways to down for the day with COMEX gold support at $1850 and resistance at $1880 per ounce. MCX Gold August support lies at Rs. 48100 and resistance at Rs.48700 per 10 gram.

Source : Equity Bulls

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