Gold - Oct 9, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Gold prices traded higher with COMEX spot gold prices traded near $1910 on Friday. Gold October future contract at MCX were trading nearly 1% up to Rs. 50600 per 10 grams for the day.

Gold prices traded higher on weaker dollar over lack of clarity on US stimulus package after stalled talks. The World Gold Council data showed that exchange-traded funds added more than 1,000 tons of bullion worth $60 billion at current prices to their stockpiles during the first nine months of 2020.

We expect gold prices to trade sideways to up for the day with COMEX gold resistance at $1920, support at $1890. MCX Gold October support lies at Rs. 50100 with resistance at Rs. 51000.

Source : Equity Bulls

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