Gold - Dec 28, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded up with COMEX spot gold prices traded up to $1885 on Monday. Gold February future contract at MCX were trading up to Rs. 50269 per 10 grams in line with recovery in global gold prices.

Gold prices gained on dollar decline US president Trump signed the $2.3 trillion aid and spending package which he refused to sign in previous week. The pandemic concerns over new strain of corona virus and increase lockdowns has also lifted gold prices from the support levels.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1900, support at $1870. MCX Gold February support lies at Rs. 50100 with resistance at Rs.50600.

Source : Equity Bulls

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