Gold - Nov 13, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices traded higher with COMEX spot gold prices rose to $1880 on Friday. Gold December future contract at MCX were trading up to Rs. 50672 per 10 grams for the day supported by firm global gold prices.

The U.S. and Europe are being particularly hard hit, with U.S. coronavirus cases reaching an all-time high of 14,231 a day according to Johns Hopkins University data. Traders and Investors are awaiting fresh triggers from market weighing vaccine progress and surging virus infections across globe which may keep bullion prices under check.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1900, support at $1860. MCX Gold December support lies at Rs. 50200 with resistance at Rs. 51000.