Gold - Nov 17, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded lower with COMEX spot gold prices traded near $1887 on Tuesday. Gold December future contract at MCX were trading flat near Rs. 50856 per 10 grams for the day.

Gold prices traded muted on mixed global cues over rising virus cases and vaccine hopes. Investment sentiments improved after Moderna Inc reported 94.5% efficacy rate for its candidate mRNA-1273 on Monday on the back of its large, late-stage phase III COVE study. Gold prices are expected to trade with positive bias over current uncertainty over rising virus cases and US administration post-election.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1900, support at $1860. MCX Gold December support lies at Rs. 50500 with resistance at Rs. 51100.

Source : Equity Bulls

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