Gold - Aug 27, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices rose by 0.35% to $1798 per ounce on Friday. Gold October future contract at MCX were trading marginal down at Rs. 47203 per 10 grams by noon session limiting gains on sharp rupee appreciation.

Gold prices traded volatile ahead of FED chairman speech at Jackson Hole Symposium on Friday. The dollar index traded under pressure with market discounting the hawkish stance from US FED. The slower economic recovery and surge in virus cases may support bullion prices to trade firm for the day.

We expect gold prices to trade sideways to up with COMEX spot gold resistance at $1810 and support at $1780 per ounce. MCX Gold October support lies at Rs. 46900 and resistance at Rs.47600 per 10 gram.

Source : Equity Bulls

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