Gold - July 7, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading 0.45% up near $1805 per ounce on Wednesday. Gold August future contract at MCX were trading up by 0.38% at Rs. 47865 per 10 grams by noon session.

Gold prices kept firm trading paring some previous gains. The weak US service PMI data supported gold prices to trade firm. Gold prices were supported by weaker dollar and fall in US treasury yields. The market players are awaiting US FED minutes later tonight which may hint some stance of US FOMC.

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. 47500 and resistance at Rs.48200 per 10 gram.

Source : Equity Bulls

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