Gold - Jan 15, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices traded above $1850 to $1852 per ounce on Friday. Gold February future contract at MCX were trading steady at Rs. 49200 per 10 grams by noon session.

Gold prices witnessed buying in Thursday evening session with decline in dollar over stimulus hopes and loose monetary policy from US FED. The dovish stance from US FED with ultra-low interest rates may yellow metal to trade firm.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1870, support at $1830. MCX Gold February support lies at Rs. 48800 with resistance at Rs.49600.

Source : Equity Bulls

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