Gold prices traded weak with COMEX spot gold prices were trading 0.26% down to $1788 per ounce on Tuesday. Gold October future contract at MCX were trading marginal down at Rs. 46843 per 10 grams by noon session.
Gold prices are trading with narrow trading range with gold prices are capped below $1800 on mixed fundamentals and US FED tapering expectations. Global players are awaiting for US inflation data on Tuesday which may raise speculation of timing of FED's asset purchase unwinding.
We expect gold prices to trade sideways to down with COMEX spot gold resistance at $1803 and support at $1775 per ounce. MCX Gold October support lies at Rs. 46600 and resistance at Rs.47100 per 10 gram.