Gold - Oct 16, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices traded firm with COMEX spot gold prices held above $1900 near $1910 on Friday. Gold October future contract at MCX were trading marginal up to Rs. 50735 per 10 grams for the day.

Gold prices extended gains despite of dollar recovery on fears of fresh lockdown measures in Europe and UK over surge in COVID-19 infections. prices are expected to trade in current range for the day with markets awaiting progress over US stimulus talks.

We expect gold prices to trade sideways to up for the day with COMEX gold resistance at $1930, support at $1890. MCX Gold October support lies at Rs. 50400 with resistance at Rs. 51000.

Source : Equity Bulls

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