Gold - October 5, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded lower with COMEX spot gold prices declined to $1892 on Monday. Gold October future contract at MCX was trading nearly 1% down to Rs. 50143 per 10 grams.

Gold prices pared previous gains despite of weaker dollar as investors ease some of safe haven buying on news that US President may get discharge soon by Monday. The further talks over SU stimulus has also kept gold prices in range with rise in equity indices.

We expect gold prices to trade sideways to down with COMEX gold support at $1860 and resistance at $1920. MCX Gold support lies at Rs. 49700, resistance at Rs. 50600.

Source : Equity Bulls

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