Gold - Nov 18, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded firm with COMEX spot gold prices traded near $1883 on Wednesday. Gold December future contract at MCX were trading down to Rs. 50548 per 10 grams for the day pressured by sharp rupee appreciation.

Gold prices steady as investors turned cautious on safe haven buying over announcement from two vaccine development in a month. Gold prices are expected to trade sideways to down in absence of any major triggers from economic data. The current uncertainty over rising virus cases and US administration post election may limit downside.

We expect gold prices to trade sideways to down with COMEX gold resistance at $1900, support at $1860. MCX Gold December support lies at Rs. 50200 with resistance at Rs. 50800.

Source : Equity Bulls

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