Gold - Oct 8, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices traded higher with COMEX spot gold prices traded near $1891on Thursday keeping the steady trading range. Gold October future contract at MCX were trading marginal up to Rs. 50100 per 10 grams pressured by rupee appreciation.

Gold prices kept downside limited on uncertainty over US stimulus and worries over economic recovery after US President cancelled stimulus talks. Prices are trading under pressure on Thursday as US President Trump has opened some windows for stimulus package.

We expect gold prices to trade sideways to up for the day with COMEX gold resistance at $1920, support at $1880. MCX Gold October support lies at Rs. 49900 with resistance at Rs. 50600.

Source : Equity Bulls

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