Gold - Sep 21, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded lower with COMEX spot gold fell below $1940 on Monday. Gold October future contract at MCX were trading down by 0.80% to Rs. 51300 per 10 grams with additional pressure from stronger rupee.

Gold prices traded lower in the start of the week on dollar recovery as rising COVID-19 infections in Europe and UK boosted safe-haven buying in dollar. The dollar fluctuations has kept prices in range so far with uncertainty over US aid package and concerns over US economic recovery.

We expect gold prices to trade sideways to down with support at $1900 and resistance at $1960. MCX Gold October support at Rs. 51000, resistance lies at Rs. 51700.

Source : Equity Bulls

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