Gold - Dec 16, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices traded up at $1854 on Wednesday. Gold February future contract at MCX were trading up to Rs. 49548 per 10 grams in line with strong global gold prices.

Gold prices extended gains awaiting key comments from US FED while rising hopes for US stimulus pressured dollar index which boosted buying in precious metals. The US FED is expected to keep key interest rates unchanged keeping loose monetary policy.

We expect gold prices to trade higher with COMEX gold resistance at $1870, support at $1840. MCX Gold February support lies at Rs. 49100 with resistance at Rs.49900.

Source : Equity Bulls

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