Gold - Sep 2, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices edged lower with COMEX spot gold prices pared previous gains fell to $1963 on Wednesday. Gold October future contract at MCX traded half a percent down to Rs. 51270 by noon session.

Gold prices traded weak on Wednesday on a round of positive economic data from the world. The better than expected manufacturing data pressured gold prices on risk on sentiments as the dollar recovered from two years low.

We expect gold prices to trade sideways to down with support at $1940 and resistance at $2000. MCX Gold October support at Rs. 50800, resistance lies at Rs. 51700.

Source : Equity Bulls

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