Gold - Aug 23, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices traded near $1785 per ounce on Monday. Gold October future contract at MCX were trading marginal up at Rs. 47164 per 10 grams by noon session.

Gold prices held firm trading range supported by weaker dollar and economic growth worries. The dollar index was trading around 0.25% lower in the morning trade. Gold prices may also get support from rising COVID cases in China, US and Japan along with other parts of the world.

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. 46900 and resistance at Rs.47500 per 10 gram.

Source : Equity Bulls

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