Gold - July 29, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices pared previous day's losses with COMEX spot gold prices rose to $1958 on Wednesday. Gold prices at MCX for August contract were trading up by Rs. 139 to Rs. 52730 with recovery in global gold prices.

Gold prices kept the narrow trading range on Wednesday as investors are awaiting for cues from US FOMC meet. The expectations of dovish stance has supported gold prices to hold firm range despite a recovery in dollar. The uncertainty over the $1 trillion aid package has also kept risk premium high in the gold prices.

We expect gold prices to trade firm with resistance at $2000 and support at $1920. MCX Gold August has important resistance at Rs. 53000 support at Rs. 51900.

Source : Equity Bulls

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