Gold - Nov 4, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded lower with COMEX spot gold prices declined to $1894 on Wednesday. Gold December future contract at MCX were trading half a percent down to Rs. 51263 per 10 grams for the day limiting downside on rupee depreciation.

Gold prices witnessed selling in COMEX on stronger dollar on uncertainty over US presidential elections. Gold prices are trading under pressure as polls are showing balanced voting for US presidential race which has boosted buying in dollar.

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. 50900 with resistance at Rs. 51600.

Source : Equity Bulls

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