Gold - Dec 17, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices rallied above $1870 on Thursday. Gold February future contract at MCX were trading over half a percent up to Rs. 49949 per 10 grams in line with strong global gold prices.

Gold prices rallied on US stimulus expectations by this week and accommodative stance from US FOMC with ultra low interest rates. Gold prices got a boost from stimulus hopes and weaker dollar index which fell below 90 mark on Thursday.

We expect gold prices to trade higher with COMEX gold resistance at $1890, support at $1850. MCX Gold February support lies at Rs. 49600 with resistance at Rs.50200.

Source : Equity Bulls

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