Gold - Aug 31, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices were trading 0.36% up to $1816 per ounce on Tuesday. Gold October future contract at MCX were trading marginal up at Rs. 47211 per 10 grams by noon session limiting gains on rupee appreciation.

Gold prices traded off the recent highs paring some previous gains. The traders and investors will now try to gauge FED mood from upcoming US data after Jackson Hole meet. The weak Chinese data may support gold prices while silver prices may limit upside on weak industrial metals.

We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1833 and support at $1795 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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