Gold - July 13, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices were trading up near $1809 per ounce on Tuesday. Gold August future contract at MCX were marginal up at Rs. 47790 per 10 grams by noon session.

Gold prices recovered ahead of US FED chairman's testimony this week and key US inflation data due today. The weaker dollar also supported yellow metal to trade up for the day. At MCX, rupee appreciation capped upside in gold prices compare to gains in COMEX prices.

We expect gold prices to trade sideways to up for the day with COMEX gold support at $1795 and resistance at $1820 per ounce. MCX Gold August support lies at Rs. 47500 and resistance at Rs.48000 per 10 gram.

Source : Equity Bulls

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