Gold - July 17, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded steady with COMEX spot gold prices traded near $1800 on Friday. Gold prices at MCX for August contract were trading marginally down by Rs.18 to Rs. 48755 by noon session following weak global prices and stronger rupee.

The gold prices declined on COVID 19 vaccine hopes from US's Moderna and scientists from Oxford University UK. Prices also traded under pressure on stronger dollar after ECB signaled near zero rates and no change in stimulus in near futures.

We expect gold prices to trade sideways to up with resistance at $1810 and support at $1795. MCX Gold August has important resistance at Rs. 49000, support at Rs. 48500.

Source : Equity Bulls

Keywords