Gold - Sep 16, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded strong with COMEX spot gold traded near $1967 on Wednesday. Gold October future contract at MCX were trading half a percent up to Rs. 51976 per 10 grams for the day.

Gold prices fluctuated on WTO ruling over US tariffs on China and speculation over US FOMC meeting. Gold was trading near a two-week high and the dollar at a two-week low when the WTO deemed that the Trump administration's tariffs on $200 billion worth of Chinese goods were illegal.

We expect gold prices to trade up with support at $1930 and resistance at $2000. MCX Gold October support at Rs. 51400, resistance lies at Rs. 52200/52500.

Source : Equity Bulls

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