Gold - Sep 6, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices were trading marginal down to $1826 per ounce on Monday. Gold October future contract at MCX were trading 0.16% lower at Rs. 47448 per 10 grams by noon session.

Gold prices traded off the two months high on Monday witnessing some selling on dollar recovery. The dollar index was trading around 0.23% up by noon session capping upside in Gold. Gold prices have kept upper trading range with choppy trading on Monday in absence of US markets on account of Labour Day Holiday. Earlier, the yellow metal rallied following lesser than expected US private payroll data.

We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1833 and support at $1815 per ounce. MCX Gold October support lies at Rs. 47200 and resistance at Rs.47700 per 10 gram.

Source : Equity Bulls

Keywords