Gold - Aug 20, 2021 - Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities

"Gold prices traded higher with COMEX spot gold prices traded near $1786 per ounce on Friday. Gold October future contract at MCX were trading 0.29% up at Rs. 47307 per 10 grams by noon session.

Gold prices fluctuated on stronger dollar and upbeat US data which raised market expectations of sooner FED tapering. The dollar index rose to nine months highs while US 10 year treasury yields fell to 1.24% keeping gold prices in range. The growing worries over rising virus cases lent support to bullion prices to limit downside. We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1800 and support at $1770 per ounce. MCX Gold October support lies at Rs. 47000 and resistance at Rs.47600 per 10 gram."

Source : Equity Bulls

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