Gold - Dec 3, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices traded above $1840 on Thursday. Gold December future contract at MCX were trading nearly 1% up to Rs. 49335 per 10 grams in line with firm global gold prices.

Gold prices traded higher on expectations of stimulus package from US and European Union despite of significant vaccine progress. The weaker dollar and fall in US treasuries will support gold prices to trade up for the day.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1860, support at $1820. MCX Gold December support lies at Rs. 48900 with resistance at Rs.49600.

Source : Equity Bulls

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