Gold & Silver - Oct 9, 2020 - Angel Broking

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

"On Thursday, Spot Gold ended higher by 0.54% to close at $1887.2 per ounce and Spot silver gained over 3.2% to close at $23.8 per ounce as strengthening of U.S. currency dented appeal for the Dollar denominated Gold. MCX gold also increased by 0.25% and closed at 50,175 levels and silver increased by 0.17% and closed at 60,519 levels. After calling off the negotiations over further stimulus aid with the democrats until the upcoming U.S. elections, Donald Trump asked Congress to infuse $25 billion in new payroll assistance to U.S. passenger airlines in order to help ten thousands of workers maintaining their jobs. Hopes over further coronavirus relief fund boosted markets risk appetite in turn pressurizing the safe haven, Gold. However, political uncertainties ahead of the U.S. elections and alarming increase in the virus cases in Europe limited the losses for the yellow metal. Hopes over additional corona relief fund demanded by the U.S. President Donald Trump for payroll assistance is expected to support Gold. On the MCX, gold prices are expected to trade higher in today's session. As for today traders can go for Buy in gold at Rs 50,400 levels with the stop loss of Rs 50100 levels for the target of 51100 levels. They can also go for Buy in Silver at Rs 61,200 levels, with the stop loss of 60,500 levels and for the target of 62,800 levels."

Source : Equity Bulls

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