Gold - Aug 31, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices traded steady with COMEX spot gold prices held near $1960 on Monday after witnessing sharp recovery on Friday. Gold October future contract at MCX traded up to Rs. 51540 by noon session supported by rupee depreciation.

Gold prices traded higher as investors weigh on the comments from US FED Chairman Powell who signalled a new approach to setting monetary policy. Investors turned cautious over falling bond yields which led to rise in safe haven buying in Gold.

We expect gold prices to trade sideways to up with support at $1940 and resistance at $2000. MCX Gold October support at Rs. 51400, resistance lies at Rs. 52200.

Source : Equity Bulls

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