Gold / Silver - Nov 5, 2020 - Angel Broking

Mr. Anuj Gupta - DVP - Commodities and Currencies Research, Angel Broking Ltd

On Wednesday, Spot Gold prices fell about 0.3 percent to close at $1903.2 per ounce uncertainties surrounding the U.S. elections result weighed on the yellow metal prices.

As the election process commenced, markets anticipate a slight edge towards Democrat Joe Biden winning the U.S. presidency which might open gates for larger U.S. stimulus. The losses for Gold were limited as it tends to benefit from stimulus infusion as it is considered as a hedge against inflation and currency debasement. Moreover, alarming increase in the coronavirus cases around the globe clouded the global economic outlook. Many nations reinforced fresh lockdown which dented markets risk appetite and further supported Gold prices. Markets will have a keen watch on the outcome of the Federal Open Market Committee (FOMC).

As for today traders can go for Buy in gold at Rs 51000 levels with the stop loss of Rs 50700 levels for the target of 51500 levels. They can also go for Buy in Silver at Rs 61,800 levels, with the stop loss of 61,300 levels and for the target of 62,700 levels.

Source : Equity Bulls

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