Gold - Dec 8, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded higher with COMEX spot gold prices traded near $1862 on Tuesday. Gold December future contract at MCX were trading marginal down to Rs. 49875 per 10 grams on rupee appreciation. The spot rupee gained by 12 paisa during the day against the dollar.

Gold prices continued upside over US stimulus as details on the $908 billion bipartisan package are expected to be revealed later today. Gold prices also attracted buying after breakdown of BREXIT talks between UK and European Union.

We expect gold prices to trade sideways to up with COMEX gold resistance at $1880, support at $1840. MCX Gold December support lies at Rs. 49500 with resistance at Rs.50200.

Source : Equity Bulls

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