Gold / Silver - Nov 6, 2020 - Angel Broking

Mr. Anuj Gupta, DVP - Commodities and Currencies Research, Angel Broking Ltd

"On Thursday, Spot Gold prices gained over 2.3 percent to close at $1948.6 per ounce and Spot silver prices surged over 5.9 percent to close at $25.3 per ounce as increasing bets on Democrat Joe Biden winning the U.S. elections and a lower Dollar boosted appeal for the safe haven, Gold. As the election process commenced, markets anticipated a slight edge towards Democrat Joe Biden which might open gates for larger U.S. stimulus. Gold tends to benefit from stimulus infusion as it is considered as a hedge against inflation and currency debasement. Moreover, alarming increase in the corona virus cases around the globe clouded the global economic outlook. Many nations reinforced fresh lockdown which dented markets risk appetite and further supported Gold prices. Gold prices further gains as the U.S. Dollar depreciated ahead of the Federal Open Market Committee (FOMC) meet making the yellow metal cheaper for other currency holders. As for today traders can go for Buy in gold at Rs 51700 levels with the stop loss of Rs 51400 levels for the target of 52400 levels. They can also go for Buy in Silver at Rs 64,000 levels, with the stop loss of 63200 levels and for the target of 65300 levels."

Source : Equity Bulls

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