Gold - Jan 5, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices traded near $1942 on Tuesday. Gold February future contract at MCX were trading up to Rs. 51474 per 10 grams supported by rupee depreciation.

Gold prices surged on safe haven buying with decline in US equities on worries over economic growth with spike in virus cases. The lower US yields and weaker dollar also supported gold prices expecting more stimulus announcements.

We expect gold prices to trade up with COMEX gold resistance at $1970, support at $1920. MCX Gold February support lies at Rs. 51100 with resistance at Rs.51800.

Source : Equity Bulls

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