Gold - Nov 6, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded higher with COMEX spot gold prices rallied to $1950 on Friday. Gold December future contract at MCX were trading up to Rs. 52175 per 10 grams for the day supported by strong COMEX prices.

Gold prices rallied on stimulus hopes on probable victory of Democratic candidate Joe Biden while public protest in US and lockdown in Europe also boosted safe haven buying in gold. Gold prices are set for the biggest weekly gain since July. Traders and Investors are eyeing for key payroll data from US in evening session.

We expect gold prices to trade up with COMEX gold resistance at $1970, support at $1930. MCX Gold December support lies at Rs. 51900 with resistance at Rs. 52500.

Source : Equity Bulls

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