Gold - Oct 20, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded down with COMEX spot gold prices traded near $1901 on Tuesday. Gold October future contract at MCX were trading down to Rs. 50593 per 10 grams for the day limiting downside on rupee depreciation.

Gold prices traded under pressure over hope of US stimulus package after US House of Representatives Speaker Nancy Pelosi set the Tuesday deadline. Gold prices have held grounds kept down side limited on slower US economic recovery and concerns of fresh lockdown measures in UK and Europe.

We expect gold prices to trade sideways to up for the day with COMEX gold resistance at $1910, support at $1890. MCX Gold October support lies at Rs. 50300 with resistance at Rs. 50800.

Source : Equity Bulls

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