Gold - Dec 10, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC Securities

Gold prices traded lower with COMEX spot gold prices fell to $1835 on Thursday. Gold December future contract at MCX were trading marginal down to Rs. 49160 per 10 grams in line with global gold prices.

Gold prices traded under pressure as negotiations over further U.S. fiscal stimulus dragged on and the dollar rose for a fourth straight session. The dollar index recovered which triggered selling in bullion and other riskier assets.

We expect gold prices to trade sideways to down with COMEX gold resistance at $1850, support at $1820. MCX Gold December support lies at Rs. 48800 with resistance at Rs.49500.

Source : Equity Bulls

Keywords