Gold - Dec 11, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded flat with COMEX spot gold prices kept choppy trading near $1836 on Friday. Gold December future contract at MCX were trading marginal down to Rs. 49060 per 10 grams in line with global gold prices.

Gold prices witnessed range bound trading on mixed global cues as investors and traders are awaiting for US stimulus announcement while vaccine rollouts has capped upside limited. We expect gold prices to trade sideways to down in current range in absence of any key triggers.

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