Gold - Aug 27, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded under pressure with COMEX spot gold prices traded near $1946 on Thursday. Gold October future contract at MCX traded half a percent down to Rs. 51470 by noon session on weak global prices and stronger rupee which appreciated by around 49 paisa.

Earlier gold prices rallied on rising tensions between the US and China after China fired missiles in the disputed sea. Prices traded under pressure on Thursday on economic recovery hopes after positive US and China data. Investors are now looking to the U.S. Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole symposium later in the day.

We expect gold prices to trade sideways to up with support at $1920 and resistance at $1970. MCX Gold October support at Rs. 51200, resistance lies at Rs. 52200.

Source : Equity Bulls

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