Gold - Sep 18, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded higher with COMEX spot gold rose by half a percent to $1954 on Friday. Gold October future contract at MCX were trading up by 0.30% to Rs. 51600 per 10 grams limiting upside on rupee appreciation.

Gold prices kept the narrow trading range as traders and investors are awaiting for fresh triggers post US FOMC meet. The dollar fluctuations has kept prices in range with uncertainty over US aid package and concerns over US economic recovery.

We expect gold prices to trade sideways to up with support at $1910 and resistance at $1970. MCX Gold October support at Rs. 51100, resistance lies at Rs. 51900.

Source : Equity Bulls

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