Well, surprise as it seems AMD had traces of ray tracing support inside their Adrenalin Driver version 19.7.2.
Nvidia already has hardware based ray tracing support inside their RTX line and even Intel has pledged ray tracing support when they will launch their Xe GPU lineup.
Rumor has it that AMD may enable DXR support on Navi based GPU in December. This seems surprising and the only way possible to have Raytracing as now is to use the compute engine in Navi GPU.
Or it might be a super surprise if Navi already has ray tracing support but maybe the software was not mature enough to utilise the feature. We already know Navi based GPU will be used in PS5 and Xbox next with ray tracing baked in.
However, out best bet is that Raytracing will officially debut with Navi 2 GPU or we might get a very limited ray tracing on RX 5700 through compute unit and clever denoising to tackle speed.