Gold - Dec 14, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded down with COMEX spot gold prices fell to $1830 on Monday. Gold December future contract at MCX were trading marginal down by 0.80% to Rs. 48930 per 10 grams in line with global gold prices.

Gold prices witnessed selling pressure on vaccine roll outs and approval of emergency use of vaccine in US. The restart of BREXIT negotiations also kept pressure on gold prices. 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. 48700 with resistance at Rs.49300.

Source : Equity Bulls

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