Gold prices traded firm with COMEX spot gold prices were trading 0.15% up to $1790 per ounce on Monday. Gold October future contract at MCX were trading flat at Rs. 46834 per 10 grams by noon session.
Gold prices kept higher trading range halting previous decline despite of stronger dollar. Gold prices are stuck in range below $1800 per ounce on FED jitters over early asset tapering. Many Fed officials are now advocating for beginning asset tapering in 2021. Gold prices were supported by weak equity indices and US-China trade tensions.
We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1803 and support at $1780 per ounce. MCX Gold October support lies at Rs. 46600 and resistance at Rs.47000 per 10 gram.