Gold - Sep 25, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded higher with COMEX spot gold rose to $1872 on Friday. Gold October future contract at MCX were trading down by Rs. 114 to Rs. 49790 per 10 grams limiting upside on rupee appreciation. The spot rupee was trading around 32 paisa higher against the dollar during the day. Gold prices pared some loses as dollar gave up some gains on stimulus hopes. The global economic uncertainty with rising virus infections may keep down side limited in gold prices.

We expect gold prices to trade sideways to up with COMEX gold support at $1850 and resistance at $1890. MCX Gold support lies at Rs. 49200, resistance at Rs. 50200.

Source : Equity Bulls

Keywords