Gold - Sep 10, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices traded steady with COMEX spot gold prices kept the firm trading range near $1944 on Thursday. Gold October future contract at MCX were trading marginal down to Rs. 51350 per 10 grams for the day on rupee appreciation.

Gold prices held a narrow trading range above $1940 with the dollar index pared some gains while uncertainty over the BREXIT withdrawal deal and concerns over rising COVID cases kept risk premium high in the prices. Gold traders will await for key ECB rate decision and course of monetary policy later today.

We expect gold prices to trade sideways to up with support at $1910 and resistance at $1970. MCX Gold October support at Rs. 51000, resistance lies at Rs. 51700.

Source : Equity Bulls

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