Gold - Oct 15, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded steady with COMEX spot gold prices traded near $1901 on Thursday. Gold October future contract at MCX were trading marginal down to Rs. 50390 per 10 grams for the day.

Gold prices traded under pressure on stronger dollar as investors switched to dollar as safe haven buying as hopes for US stimulus package deemed till Presidential election. Bullion prices are awaiting for fresh triggers as prices are trading in the range of $1880-$1920 on dollar fluctuations over US stimulus worries and concerns over surge in virus cases.

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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