Gold - Dec 4, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices traded above $1842 on Friday. Gold December future contract at MCX were trading flat to Rs. 49318 per 10 grams as rupee appreciation kept upside limited.

Gold prices continued upside as dollar decline boosted buying in precious metals. The renewed stimulus hopes has pushed dollar down supporting buying in bullion prices. We expect bullion prices to trade sideways to up during the day over weaker dollar and due US payroll data in evening session.

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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