Gold - Jan 19, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices rallied to $1845 per ounce on Tuesday. Gold February future contract at MCX were trading up at Rs. 49039 per 10 grams by noon session.

Gold prices traded higher on stimulus hopes from Biden administration ahead of US Treasury secretary Janet Yellen's testimony. The pandemic concerns with rising cases of new virus strain in UK and France may keep risk premium up in yellow metal.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1860, support at $1820. MCX Gold February support lies at Rs. 48800 with resistance at Rs.49300.

Source : Equity Bulls

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