Gold - Aug 24, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded firm with COMEX spot gold prices rose to $1950 on Monday. Gold October future contract at MCX fell by half a percent down to Rs. 51723 by noon session on sharp rupee appreciation despite firm global prices. The spot rupee ended 52 paisa higher against the dollar for the day.

Gold prices fluctuated on Monday on mixed global cues after witnessing correction over dollar recovery in the previous session. The stalled talks between European Union and UK over BREXIT negotiations added risk premium in gold prices. The Investors and traders are awaiting the key annual event at Jackson Hole next week where US Fed Chairman Powell will deliver its Monetary Policy Framework Review.

We expect gold prices to trade sideways to down with support at $1920 and resistance at $1970. MCX Gold October support at Rs. 51400, resistance lies at Rs. 52200.

Source : Equity Bulls

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