Gold - Sep 9, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded steady with COMEX spot gold prices kept the firm trading range near $1931 on Wednesday. Gold October's future contract at MCX was trading half a percent down to Rs. 51098 per 10 grams for the day.

Gold prices traded under pressure on a stronger dollar against major currencies however slump in Treasury yields kept downside limited in gold prices. Gold prices are fluctuating in the narrow range on mixed global cues over US-China tensions and new BREXIT uncertainties.

We expect gold prices to trade sideways to down with support at $1900 and resistance at $1960. MCX Gold October support at Rs. 50600, resistance lies at Rs. 51400.

Source : Equity Bulls

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