Gold - Sep 8, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices traded steady with COMEX spot gold prices kept the firm trading range near $1928 on Tuesday. Gold October future contract at MCX traded marginal down to Rs. 50975 per 10 grams for the day.

Gold prices traded under pressure as dollar index resumed recovery on Tuesday over speculation on ECB policy an uncertainty over BREXIT negotiations. Gold prices may regain safe-haven status on current new uncertainties over BREXIT and US Presidents comments on decoupling the US and Chinese economies.

We expect gold prices to trade sideways to up with support at $1900 and resistance at $1960. MCX Gold October support at Rs. 50700, resistance lies at Rs. 51400.

Source : Equity Bulls

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