Gold - Oct 14, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices traded firm with COMEX spot gold prices traded near $1896 on Wednesday. Gold October future contract at MCX were trading marginal up to Rs. 50345 per 10 grams for the day.

Gold prices pared some previous loses on dollar fluctuations. The another setback on finalizing US aid package kept selling pressure on gold prices while gold ETF holding at SPDR gold shares continued to score highs on market uncertainties which rose at 1277.65 tonnes as of Tuesday.

We expect gold prices to trade sideways to down for the day with COMEX gold resistance at $1920, support at $1880. MCX Gold October support lies at Rs. 50000 with resistance at Rs. 50600.

Source : Equity Bulls

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