Gold - Jan 21, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices traded near $1870 per ounce on Thursday. Gold February future contract at MCX were trading up at Rs. 49628 per 10 grams by noon session.

Gold prices surged on easy monetary policy from major central banks while dollar headed for the fourth straight day decline on stimulus hopes. The profit booking in Bitcoin also boosted buying in yellow metal.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1890, support at $1850. MCX Gold February support lies at Rs. 49400 with resistance at Rs.49900.

Source : Equity Bulls

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