Gold - July 13, 2020 - Mr. Tapan Patel - Senior Analyst - Commodities, HDFC securities

Gold prices traded higher with COMEX spot gold prices recovered to $1807 on Monday. Gold futures at MCX for August contract were trading up by Rs. 245 with strong global peers.

Gold prices traded above $1800 on Monday on record virus cases in the world. The total virus cases rose to 12.9 million cases as of 13 July according to Johns Hopkins University. The investors turned to the yellow metal over rising tension between the US and China after the U.S. President Donald Trump announced on Friday that there will be no phase two trade deal with China in the near future.

We expect gold prices to trade sideways to up with MCX Gold August support at Rs. 48900, resistance at Rs. 49200.

Source : Equity Bulls

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