Gold - Aug 24, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded steady with COMEX spot gold prices held above $1800 per ounce on Tuesday. Gold October future contract at MCX were trading marginal down at Rs. 47488 per 10 grams by noon session.

Gold prices reported strong long run above $1800 supported by dollar decline and COVID worries. The dollar index fell to 93 mark pushing dollar denominated commodities higher. Gold prices also added premium over rising virus cases in major economies which may hurt growth sentiments.

We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1820 and support at $1780 per ounce. MCX Gold October support lies at Rs. 47200 and resistance at Rs.47800 per 10 gram.

Source : Equity Bulls

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