Gold - Sep 3, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices traded down with COMEX spot gold prices fell to $1934 on Thursday. Gold October future contract at MCX traded marginally down to Rs. 50790 as the weaker rupee kept down in India.

Gold prices traded lower on strong dollar recovery against all G-10 currencies while rally in equity indices amid positive economic data pushed prices lower on risk on sentiments. The stimulus hopes from France and the US also pressure gold prices to trade lower for the day. However, fall in treasury yields and dovish stance from US FED has kept downside limited in the prices.

We expect gold prices to trade sideways to down with support at $1900 and resistance at $1960. MCX Gold October support at Rs. 50500, resistance lies at Rs. 51200.

Source : Equity Bulls

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