Gold - Nov 23, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices traded near $1875 on Monday. Gold December future contract at MCX were trading marginal up to Rs. 50262 per 10 grams for the day.

Gold prices traded firm in the morning trade in the start of the week in continuation of short recovery from last trading session on weaker dollar and stimulus uncertainty. Gold prices traded up on economic growth worries and fresh lockdowns in Canada and other part of the world while equity indices continued to hover on vaccine news.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1890, support at $1860. MCX Gold December support lies at Rs. 49900 with resistance at Rs. 50500.

Source : Equity Bulls

Keywords