Gold - July 19, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading down near $1805 per ounce on Monday. Gold August future contract at MCX were 0.35% lower at Rs. 47883 per 10 grams by noon session.

Gold prices traded weak on Monday with fall in dollar index after rallying for the four weeks on the trot. The dollar index was trading up by 0.26% by noon session on FED comments. The downside in the yellow metals remained capped with growing virus worries and fall in US Treasury yields.

We expect gold prices to trade sideways to down for the day with COMEX gold support at $1795 and resistance at $1820 per ounce. MCX Gold August support lies at Rs. 47600 and resistance at Rs.48200 per 10 gram.

Source : Equity Bulls

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