Gold - Dec 15, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices rallied above $1840 on Tuesday. Gold December future contract at MCX were trading over half a percent up to Rs. 49335 per 10 grams in line with strong global gold prices.

Gold prices rebounded from Monday loses as rising virus cases and lockdown in Europe and US underpinned vaccine roll out sentiments. Global equity indices traded weak on risk off sentiments which boosted buying in gold prices.

We expect gold prices to trade higher with COMEX gold resistance at $1852, support at $1820. MCX Gold December support lies at Rs. 48900 with resistance at Rs.49700.

Source : Equity Bulls

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