Gold - Aug 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices were trading near $1815 per ounce on Wednesday. Gold October future contract at MCX were trading marginal up near at Rs. 47955 per 10 grams by noon session.

Gold prices kept firm trading range on mixed global cues with slower manufacturing numbers from US and China. The rising worries over spreading Delta variant cases has capped downside in gold while traders and investors are cautious ahead of US job market report.

We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1820 and support at $1805 per ounce. MCX Gold October support lies at Rs. 47800 and resistance at Rs.48100 per 10 gram.

Source : Equity Bulls

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