Gold - July 27, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading near $1795 per ounce on Tuesday. Gold August future contract at MCX were trading flat at Rs. 47463 per 10 grams by noon session supported by rupee depreciation.

Overall gold prices traded under pressure trading below $1800 as traders and investors are being cautious ahead of US FOMC meeting. Gold prices fell to the lowest levels in three weeks on FED tapering expectations. The recovery in dollar index also kept upside limited for the day.

We expect gold prices to trade sideways to down with COMEX spot gold resistance at $1810 and support at $1790 per ounce. MCX Gold August support lies at Rs. 47200 and resistance at Rs.47700 per 10 gram.

Source : Equity Bulls

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