Gold - July 10, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices witnessed correction from nine years high with COMEX spot gold prices declined to $1800 on Friday. Gold futures at MCX for August contract were trading marginal up on rupee depreciation.

Gold prices fell below $1800 on Friday pressured by recovery in the dollar index. The investors locked the profits as growing virus cases have revisited the fear of return of lockdown measures. The US reported more than 60,500 new COVID-19 infections on Thursday, the largest single-day tally of cases by any country since the virus emerged late last year in China.

We expect gold prices to trade sideways to up with MCX Gold August support at Rs. 48700, resistance at Rs. 49200.

Source : Equity Bulls

Keywords