Gold - Dec 18, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak with COMEX spot gold prices pared previous gains traded below $1880 on Friday. Gold February future contract at MCX were trading over half a percent down to Rs. 50137 per 10 grams in line with weak global gold prices.

Gold prices witnessed correction on growing optimism of US stimulus package. However, the fall in dollar index boosted buying in precious metals post US FOMC meet over more bond buying programme from US FED.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1890, support at $1870. MCX Gold February support lies at Rs. 49800 with resistance at Rs.50500.

Source : Equity Bulls

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