Gold / Silver - Nov 17, 2020 - Angel Broking

Mr. Anuj Gupta, DVP - Commodities and Currencies Research, Angel Broking Ltd

"Yesterday, Gold prices closed 0.31% lower at 50,830 levels and silver closed 0.17% lower at 63,691 levels on the back of recovery in global equity market. Development on the front of corona virus vaccine put pressure on gold and silver as the safe haven demand may fade out. Supply also expected to rise in the coming days from the major gold mines as workers may return and resume production of the metal. The trend of Gold and silver now become sideways to down and expectation of safe haven demand of this asset may fade out. As for today traders can go for sell in gold at Rs 51000 levels with the stop loss of Rs 51300 levels for the target of 50500 levels. They can also go for sell in Silver at Rs 64,000 levels, with the stop loss of 64600 levels and for the target of 62800 levels."