Gold - Sep 17, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded lower with COMEX spot gold fell to $1944 losing nearly 0.75% on Thursday. Gold October future contract at MCX were trading over half a percent down to Rs. 51436 per 10 grams for the day.

Gold prices traded under pressure post US FED comments with dollar recovery after US FED signalled to hold interest rates till 2023 sighting slower economic recovery. The dollar index witnessed safe haven buying with sell off in equities and precious metals.

We expect gold prices to trade sideways to down with support at $1910 and resistance at $1970. MCX Gold October support at Rs. 51000, resistance lies at Rs. 51900.

Source : Equity Bulls

Keywords