Gold - Jan 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices rallied by 2% to $1933 on Monday. Gold February future contract at MCX were trading up by 1.70% to Rs. 51100 per 10 grams reflecting gains in COMEX prices.

Gold prices surged on dollar decline and fall in real yields with gold hitting two month highs. The global count of COVID-19 cases is rising despite of vaccine rollouts which has kept risk premium high in bullion prices.

We expect gold prices to trade up with COMEX gold resistance at $1940, support at $1910. MCX Gold February support lies at Rs. 50800 with resistance at Rs.51400.

Source : Equity Bulls

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