Gold - Aug 2, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading near $1808 per ounce on Monday. Gold October future contract at MCX were trading 0.29% down near at Rs. 47860 per 10 grams by noon session.

Gold prices witnessed some selling on Monday as traders and investors are now eyeing US Job market data this week. Gold prices traded weak despite of dollar weakness and dovish FED stance. The job market report will indicate the upcoming FED stance on taping of asset purchase.

We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1820 and support at $1795 per ounce. MCX Gold October support lies at Rs. 47600 and resistance at Rs.48100 per 10 gram.

Source : Equity Bulls

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