Gold - Jan 1, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded flat with COMEX spot gold prices kept narrow trading range near $1895 in the electronic trade as global markets are closed due to New Year holiday. Gold February future contract at MCX were trading up to Rs. 50200 per 10 grams witnessing range bound trading.

Gold prices have kept range bound trading during the week on lack of important economic data and mixed global cues. The lower volumes due to holiday weekend may keep bullion trades choppy for the day.

We expect gold prices to trade sideways with COMEX gold resistance at $1910, support at $1880. MCX Gold February support lies at Rs. 49800 with resistance at Rs.50400.

Source : Equity Bulls

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