Gold - Dec 24, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded up with COMEX spot gold prices rose to $1878 on Thursday. Gold February future contract at MCX were trading up to Rs. 50109 per 10 grams in line with recovery in global gold prices.

Gold prices gained on dollar decline after previous volatile session. The pandemic concerns over new strain of corona virus and increase lockdowns has also lifted gold prices from the support levels. The imposed lockdowns and pandemic fears may keep risk premium high in gold prices.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1890, support at $1860. MCX Gold February support lies at Rs. 49800 with resistance at Rs.50400.

Source : Equity Bulls

Keywords