Gold - July 28, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices were trading near $1800 per ounce on Wednesday. Gold August future contract at MCX were trading flat at Rs. 47557 per 10 grams by noon session.

Gold prices fluctuated ahead of outcome from US FOMC meeting and comments from FED chairman. The weak Asian equity indices also supported gold prices to limit downside on China crackdown on tech companies.

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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