Gold - Nov 9, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded higher with COMEX spot gold prices rose to $1962 on Monday. Gold December future contract at MCX were trading half a percent up to Rs. 52480 per 10 grams for the day supported by strong COMEX prices.

Gold prices rallied on stimulus hopes after victory of democratic candidate Joe Biden while worries over rising virus cases across Europe and US also boosted safe haven buying in gold. The higher government spending will eventually pressure dollar and will lower buying cost for precious metals.

We expect gold prices to trade up with COMEX gold resistance at $1980, support at $1940. MCX Gold December support lies at Rs. 52200 with resistance at Rs. 52800.

Source : Equity Bulls

Keywords