Gold - Oct 19, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded higher with COMEX spot gold prices rose to $1909 on Monday. Gold October future contract at MCX were trading up to Rs. 50740 per 10 grams for the day.

Gold prices continued upside on weaker dollar amid fresh hope of US stimulus package before US Presidential elections. Gold prices have held grounds kept down side limited on slower US economic recovery and concerns of fresh lockdown measures in UK and Europe.

We expect gold prices to trade sideways to up for the day with COMEX gold resistance at $1930, support at $1890. MCX Gold October support lies at Rs. 50300 with resistance at Rs. 51000.

Source : Equity Bulls

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