Gold - Nov 24, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Gold prices traded weak with COMEX spot gold prices traded lower near $1830 on Tuesday. Gold December future contract at MCX were trading nearly 1% down to Rs. 49041 per 10 grams for the day.

Gold prices traded under pressure after another vaccine candidate from The University of Oxford and AstraZeneca said their vaccine was found to have as much as a 90% efficacy rate in preventing infections without serious side effects. Gold prices also traded under pressure after US general administration paved way for Joe Biden to proceed with White House transition.

We expect gold prices to trade sideways to down with COMEX gold resistance at $1850, support at $1820. MCX Gold December support lies at Rs. 48700 with resistance at Rs.49400.

Source : Equity Bulls

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