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

Gold prices traded marginal down with COMEX spot gold prices traded near $1954 on Thursday. Gold prices at MCX for August contract were trading half a percent down to Rs. 52900 with pressure on global prices.

The fall in dollar index amid dovish FED stance and rising COVID 19 pandemic worries supported gold prices to trade near all time highs. Gold is also getting support from the lack of progress in the U.S. on negotiations for another COVID-19 stimulus package. President Donald Trump dismissed Wednesday Democratic demands for aid to cash-strapped cities. Parts of the existing support expire tomorrow.

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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