Gold - July 20, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices traded steady with COMEX spot gold prices held the grounds above $1800 on Monday. Gold prices at MCX for August contract were trading marginally down by Rs.57 to Rs. 48910 by noon session following weak global prices.

Gold prices traded in choppy range on Monday over mixed global cues. The European leaders are struggling to reach a plan to revive the regional economy from the deepest recession since World War Two. The US Congress will also begin considering a new aid package this week. The CFTC data showed that net long positions in Gold fell by 4201 lots as traders were least bullish in three weeks.

We expect gold prices to trade sideways to up with resistance at $1820 and support at $1795. MCX Gold August has important resistance at Rs. 49200, support at Rs. 48700.

Source : Equity Bulls

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