Gold - Oct 13, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded weak with COMEX spot gold prices traded near $1919 on Tuesday. Gold October future contract at MCX were trading marginal down to Rs. 50960 per 10 grams for the day limiting downside on weaker rupee.

Gold prices kept lower trading on Tuesday on mixed global cues on strong equity indices and dollar recovery over US aid package hopes. Gold prices may limit downside on worries over surging virus cases in Europe and uncertainty over US elections.

We expect gold prices to trade sideways to up for the day with COMEX gold resistance at $1940, support at $1900. MCX Gold October support lies at Rs. 50700 with resistance at Rs. 51300.

Source : Equity Bulls

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