Gold - Aug 25, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices fell by 0.45% to $1794 per ounce on Wednesday. Gold October future contract at MCX were trading 0.43% down at Rs. 47405 per 10 grams by noon session.

Gold prices traded under pressure on dollar recovery ahead of US Jackson Hole meet where market is expecting fresh cues on FED stance on asset tapering and interest rates change. The strong equity indices may also add pressure to the prices for the day.

We expect gold prices to trade sideways to down with COMEX spot gold resistance at $1810 and support at $1780 per ounce. MCX Gold October support lies at Rs. 47100 and resistance at Rs.47700 per 10 gram.

Source : Equity Bulls

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