Gold - Oct 29, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded steady with COMEX spot gold prices kept lower trading range near $1878 on Thursday. Gold December future contract at MCX were trading down to Rs. 50390 per 10 grams for the day limiting downside on rupee depreciation.

Gold prices declined on strong dollar recovery losing safe haven status after France and Germany shut around 80% business activities imposing fresh lockdowns.

We expect gold prices to trade sideways to down for the day with COMEX gold resistance at $1890, support at $1860. MCX Gold December support lies at Rs. 50100 with resistance at Rs. 50600.

Source : Equity Bulls

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