Gold - Nov 26, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices traded near $1815 on Thursday. Gold December future contract at MCX were trading half a percent up to Rs. 48780 per 10 grams in line with firm global gold prices.

Gold prices witnessed some short recovery on holiday shortened week as US markets are closed today on Thanksgiving holiday as investors turned cautious over on vaccine progress and stimulus hopes. The Gold holdings at SPDR gold ETFs decline to 1194.78 tonnes from 1200 tonnes a day before. Gold prices are expected to trade sideways keeping narrow trading range in absence of US markets.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1830, support at $1800. MCX Gold December support lies at Rs. 48500 with resistance at Rs.49100.

Source : Equity Bulls

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