Gold & Silver - 7th October 2020 - Angel Broking

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

"Yesterday Gold prices corrected 0.20% and closed at 50526 levels and silver prices corrected by 2.21% and closed at 60571 levels. Spot Gold ended lower by 1.87 percent to close at $1877 per ounce and Spot silver plunged over 5 percent to close at $23.1 per ounce as recovery in President Trump's health and stronger Dollar weighed on the yellow metal prices. U.S. President Donald Trump putting a halt on the negotiation over the additional stimulus bill to support the U.S. economy until the upcoming elections might weigh on Gold prices. On the MCX, gold prices are expected to trade lower in today's session. As for today traders can go for sell in gold at Rs 50,300 levels with the stop loss of Rs 50,700 levels for the target of 49,700 levels. They can also go for sell in Silver at Rs 60,000 levels, with the stop loss of 60,700 levels and for the target of 58,500 levels."

Source : Equity Bulls

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