Gold - Jan 20, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices rallied to $1855 per ounce on Wednesday. Gold February future contract at MCX were trading up at Rs. 49239 per 10 grams by noon session.

Gold prices gained on weaker dollar and fall in bond yields after US Treasury Secretary nominee Janet Yellen pushed for more stimulus packages to revive US economy from pandemic effects. Gold prices are expected to get support from weaker dollar over stimulus hopes.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1870, support at $1840. MCX Gold February support lies at Rs. 48900 with resistance at Rs.49500.

Source : Equity Bulls

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