Gold price today 17-05-2021: Expert suggests buying at around Rs 47600 with a stop- loss of Rs 47300 for the target of Rs 48050

Gold price today 17-05-2021: Prithvi Commodities says that Gold and silver gained amid disappointing U.S. retail sales data and weakness in the dollar. The Trend is volatile. On Friday, gold and silver prices were settled on a positive note in the international markets. Gold June futures contracts were settled at $1,843.85 per troy ounce, up by 1.09% and silver July futures contracts were settled at $27.51 per troy ounce, up by 1.67%. Domestic markets were also settled on a positive note. Gold June futures contract settled at Rs 47676 per 10 grams with a gain of 0.50%, and silver July futures contract settled at Rs 71085 per kilogram with a gain of 0.87%.

Prithvi Commodities says that Gold and silver showed extreme volatility on Friday both the precious metals opened on a weaker note but rebound from their lows after disappointing U.S. retail sales and core retail sales data. The dollar index also plunged and benchmark 10-year bond yield off their highs after weaker than expected U.S. data. The U.S. retail sales were unchanged last month, following March’s revised increase of 10.7%; the data significantly missed expectations as economists were forecasting an increase of 1.0%. Meanwhile, core retail sales, which strip out auto sales, dropped 0.8% last month, following March’s rise of 8.4%. Core sales also missed expectations, with consensus forecasts calling for a 0.5% rise. Disappointing U.S. data pushed the dollar index lower and bond yield also plunged again and supported precious metal prices.

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Prithvi Commodities said that Gold strongly holds $1800 per troy ounce last week and inflation fear and disappointing data could further support prices of both the precious metals this week. Gold has support at $1828-1810, while resistance at $1854-1866 per troy ounce. Silver has support at $27.20-26.84, while resistance is at $27.88-28.20 per troy ounce. 

At MCX, gold is having support at Rs 47480 – Rs 47330 and resistance at Rs 47920 – Rs 48055; silver is having support at 70700-70100 and resistance at Rs 71600 – Rs 72200 levels. Prithvi Commodities suggests buying in gold around Rs 47600 with a stop loss of Rs 47300 for the target of Rs 48050 and in silver around 70500 with a stop loss of Rs 69900 for the target of Rs 72000