Gold - July 6, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading 0.84% up near $1806 per ounce on Tuesday. Gold August future contract at MCX were trading up by 0.95% at Rs. 47745 per 10 grams by noon session.

Gold prices rallied giving breakout of short term resistance above $1800 per ounce. The weaker dollar and economic growth concerns over higher oil prices boosted buying in gold for the day. The dollar index was trading 0.21% down by noon session as market is awaiting FED minutes on Wednesday.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1790 and resistance at $1820 per ounce. MCX Gold August support lies at Rs. 47300 and resistance at Rs.48000 per 10 gram.

Source : Equity Bulls

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