Gold - Aug 30, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading 0.20% down to $1814 per ounce on Monday. Gold October future contract at MCX were trading half a percent down at Rs. 47279 per 10 grams by noon session.

Gold prices pared some of previous gains after rallying to three week high on dovish stance from FED. Gold prices got support form weaker dollar and fall in US treasury yields after US Fed Chairman sounded more cautious and failed to give clear hint on asset tapering. Gold prices may trade higher on dovish Fed stance with pandemic worries and slower economic growth with inflation concerns.

We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1833 and support at $1790 per ounce. MCX Gold October support lies at Rs. 46900 and resistance at Rs.47600 per 10 gram.

Source : Equity Bulls

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