Gold - Aug 28, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded higher with COMEX spot gold prices recovered to $1949 on Friday. Gold October future contract at MCX traded half a percent up to Rs. 51200 by noon session limiting upside on rupee appreciation.

Gold prices traded higher on economic growth concerns and fall in equity indices. Earlier US FED Chairman Powell unveiled a new approach to setting monetary policy. The bond yields rose and the dollar recovered which capped the gains in gold prices.

We expect gold prices to trade sideways to up with support at $1900 and resistance at $1970. MCX Gold October support at Rs. 50800, resistance lies at Rs. 51500.

Source : Equity Bulls

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