Gold - July 7, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded weak on Tuesday with international spot gold prices fell below $1780 witnessing correction in the noon session. Gold futures at MCX for August traded down by Rs.35 to Rs. 48190 supported by correction international gold prices despite a weaker rupee against the dollar.

Gold prices traded firm on early trade keeping the range above $1780 on continuous surge in virus cases. There were over 11.5 million cases worldwide as of July 7, with the U.S. accounting for almost 3 million of the cases, according to Johns Hopkins University data. The better than expected service PMI data from the US weigh gold prices.

We expect gold prices to trade sideways to down with MCX Gold August support at Rs. 47900, resistance at Rs. 48400.

Source : Equity Bulls

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