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

Gold prices traded lower with COMEX spot gold pared early gains traded below $1930 on Thursday. Gold October future contract at MCX fell by 1.60% to Rs. 51770 by noon session with plunge in international prices.

Bullion prices edged lower with strong dollar recovery ahead of US FOMC minutes and rally in equity indices over strong earning numbers. The bond yields recovered post FED minutes which also pressured bullion prices to trade down.

We expect gold prices to trade down with support at $1900 and resistance at $1960. MCX Gold October support at Rs. 51400, resistance lies at Rs. 52500.

Source : Equity Bulls

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