Gold - July 24, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded up with COMEX spot gold prices gained above $1890 on Friday. Gold prices at MCX for August contract were trading up by Rs.146 to Rs. 50846 with recovery in global prices.

Gold prices regained momentum after pausing near $1887 on Thursday. Gold prices traded up political tension between the US and China. China ordered the United States to close its consulate in the city of Chengdu on Friday, responding to a U.S. demand this week that China close its Houston consulate. The weaker dollar index and disappointed US Jobless claims data gold prices to trade higher.

We expect gold prices to trade up with resistance at $1920 and support at $1885. MCX Gold August has important resistance at Rs. 50680, support at Rs. 51200.

Source : Equity Bulls

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