Gold - Nov 3, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices held above $1890 to $1894 on Tuesday. Gold December future contract at MCX were trading marginal down to Rs. 51030 per 10 grams for the day on rupee appreciation.

Gold prices held steady trading range as investors and traders are awaiting the final outcome of US Presidential elections. The weaker dollar and surge in virus cases supported gold prices to trade firm. The uncertainty ahead of US elections may keep prices volatile for the day.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1910, support at $1880. MCX Gold December support lies at Rs. 50800 with resistance at Rs. 51200.

Source : Equity Bulls

Keywords