Gold - Dec 2, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices traded near $1815 on Wednesday. Gold December future contract at MCX were trading marginal up to Rs. 48721 per 10 grams in line with firm global gold prices.

Gold prices held grounds above $1800 on Wednesday extending previous gains. Gold prices witnessed strong recovery with fall in treasury yields despite of rally in equity indices. The investors switched to precious metals underpinning vaccine news with lack of clarity over delivery of the dosages.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1840, support at $1800. MCX Gold December support lies at Rs. 48300 with resistance at Rs.49100.

Source : Equity Bulls

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