Gold - Dec 30, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded steady with COMEX spot gold prices kept narrow trading range near $1880 on Wednesday. Gold February future contract at MCX were trading marginal down to Rs. 50000 per 10 grams limiting upside on stronger rupee.

Gold prices gained as dollar index fell below 90 losing 0.50% from yesterday. The worries over economic recovery on pandemic fears has supported bullion prices to trade firm recovering from support levels. The lack of important data and New Year week has kept gold prices in steady range.

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. 49700 with resistance at Rs.50300.

Source : Equity Bulls

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