Gold - Dec 29, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded up with COMEX spot gold prices traded up to $1883 on Tuesday. Gold February future contract at MCX were trading up to Rs. 50114 per 10 grams in line with recovery in global gold prices.

Gold prices pared previous loses on dollar decline as US house supported US President Trump's proposal for $2000 checks. The traders and investors are awaiting for senate vote to increase stimulus checks amount.

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. 49800 with resistance at Rs.50500.

Source : Equity Bulls

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