Gold - June 16, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded steady with COMEX spot gold prices were trading flat near $1860 per ounce on Wednesday. Gold August future contract at MCX were trading marginal up at Rs. 48519 per 10 grams by noon session.

Gold prices traded under pressure as traders and investors are awaiting outcome of US FOMC meeting. The speculation of scaling back stimulus has kept bullion prices lower. The FED may signal to start discussion on any plan to unwind asset purchase program.

We expect gold prices to trade sideways to up 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.48800 per 10 gram.

Source : Equity Bulls

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