Gold - Nov 2, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices rallied to $1885 on Monday. Gold December future contract at MCX were trading up to Rs. 50750 per 10 grams for the day supported by rupee depreciation.

Gold prices trading up amid fresh lockdown in Europe after UK and Italy joined Germany and France imposing strict measures. The uncertainty ahead of US elections may keep prices volatile in coming days.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1900, support at $1870. MCX Gold December support lies at Rs. 50500 with resistance at Rs. 51000.

Source : Equity Bulls

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