Gold - Oct 7, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded steady with COMEX spot gold prices traded near $1894 witnessing minor recovery from the day's lows. Gold October future contract at MCX was trading half a per cent down to Rs. 50214 per 10 grams pressured by rupee appreciation.

Gold prices pared gains after the US President Trump cancelled talks over US stimulus which boosted safe-haven buying in dollar and treasuries. Gold and Silver spot prices at COMEX failed to breach technical resistance levels at $1920 and $25 respectively.

We expect bullion prices to trade sideways to up for the day with COMEX gold resistance at $1920, support at $1880. MCX Gold October support lies at Rs. 49900 with resistance at Rs. 50600.

Source : Equity Bulls

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