COMEX Gold Sees Sideways Action

Published on May 21, 2021 12:51

Gold saw choppy moves yesterday. The metal has been largely supported after testing near $1850 per ounce but a four and half month high near $1900 per ounce has capped the upside for the COMEX Gold futures. The Indian demand trends are still unattractive for bulls and overall movement is likely to be sideways for the commodity in near term. However, major losses are unlikely given that the US dollar index stays slippery, falling under 90 mark yet again in last session. COMEX Gold quotes at $1876 per ounce mark right now, down 0.30% on the day.