Gold - Nov 27, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices traded near $1810 on Friday. Gold December future contract at MCX were trading marginal up to Rs. 48580 per 10 grams in line with firm global gold prices.

Gold prices witnessed some short recovery in current week as investors turned cautious over on vaccine progress awaiting viable vaccination programs from governments. The stimulus hopes from US and ECB may support bullion prices. Gold prices are expected to trade sideways keeping narrow trading range as US markets will down their shutters early today.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1820, support at $1800. MCX Gold December support lies at Rs. 48300 with resistance at Rs.48800.

Source : Equity Bulls

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