Gold - Aug 18, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded higher with COMEX spot gold rallied above $2000 on Tuesday. Gold October future contract at MCX rose by more than 1% to Rs. 53822 by noon session with strong international prices.

Bullion prices edged higher with fall in US treasury yields and weaker dollar. The yields on the 10-year note initially plunged 5% on Monday, before recovering to show a deficit of 3.8%. The slide in dollar index supported gold prices to trade higher for the day.

We expect gold prices to trade up with support at $1950 and resistance at $2030. MCX Gold October support at Rs. 52800, resistance lies at Rs. 54200.

Source : Equity Bulls

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