Gold - July 1, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices continued to trade higher with international spot gold prices rallied to $1787 on Wednesday.

Gold futures at MCX for August were trading up by Rs.138 to Rs. 48900 supported by strong global gold prices.

Gold prices witnessed buying as fear of a second wave of virus infections grows with rise in cases in the US and other countries. The top U.S. pandemics expert Anthony Fauci said on Tuesday this could grow to 100,000 daily without proper social-distancing and other safety measures. The spot gold prices at COMEX are nearing the key resistance levels at $1800 per ounce, a breakout may lead prices towards $1920 per ounce in the medium term.

We expect gold prices to trade higher with MCX Gold August support at Rs. 48800, resistance at Rs. 49200.

Source : Equity Bulls

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