Gold - Nov 5, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded higher with COMEX spot gold prices rose to $1916 on Thursday. Gold December future contract at MCX were trading 1% up to Rs. 51465 per 10 grams for the day in line with COMEX prices.

Gold prices rallied on polls showing probable victory of Democratic candidate Joe Biden which pushed dollar index down raising stimulus hopes. Gold prices may trade up on weaker dollar for the day as US elections are nearing the ending phase showing leads to democrats.

We expect gold prices to trade up with COMEX gold resistance at $1940, support at $1900. MCX Gold December support lies at Rs. 51100 with resistance at Rs. 51800.

Source : Equity Bulls

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