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

Gold prices traded higher with COMEX spot gold rose above $1950 on Monday. Gold October future contract at MCX rose by half a percent to Rs. 52525 by noon session with strong international prices.

Gold prices gained on sluggish economic outlook following weak US retail sales data. The uncertainty over US aid package and rising over CID crisis has supported gold prices to trade firm on Monday. However, the stable dollar and rise in real yields have kept upside limited in gold for the day.

We expect gold prices o trade sideways to up with support at $1920 and resistance at $1980. MCX Gold October support at Rs. 51800, resistance lies at Rs. 53200.

Source : Equity Bulls

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