Gold Price TODAY June 7: Expert recommends buy on dips for yellow metal; check crucial range, stoploss and target

Gold price today 7/6/2021: Prithvi Commodities says that on Friday, gold and silver prices were settled on a positive note in the international markets. Gold August futures contracts were settled at $1,894.00 per troy ounce, up by 1.11% and silver July futures contracts were settled at $27.92 per troy ounce, up by 1.62%. Domestic markets also settled on a positive note. Gold August futures contract settled at Rs 48,994 per 10 grams with a gain of 0.65%, and silver July futures contract settled at Rs 71,539 per kilogram with a gain of 1.03%. Gold and silver gained on Friday after Thursday’s fall amid the U.S. non-farm payroll data missed the expectations.
 
The U.S. Labour department released May month non-farm employment data on Friday and the key non-farm payroll numbers up by 5,59,000 against the forecast for the rise of 6,45,000 after a paltry rise of 2,78,000 in April. The unemployment rate for May was 5.8% compared to forecasts for a rate of 5.9% versus 6.1% reported in the April data. Non-farm payroll data missed the expectations and supported both the precious metals at lower levels again.  Benchmark 10-year bond yield also declined below 1.56% and supported both the precious metals. Gold holds its key support level of $1855 and silver also holds $27 per troy ounce on a weekly closing basis, says Prithvi Commodities.
 

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Prithvi Commodities expect both the precious metals to remain volatile this week and any decline in the prices would be a buying opportunity again. Gold has support at $1878-1866, while resistance at $1904-1921 per troy ounce. Silver has support at $27.55-27.20, while resistance is at $28.20-28.60 per troy ounce. At MCX, gold is having support at Rs 48750 – Rs 48580 and resistance at 49100-49330; silver is having support at Rs 71100 – Rs 70500 and resistance at Rs 72200 – Rs 72700 levels. Prithvi Commodities suggests buying in gold on dips around Rs 48800 with a stop loss of Rs 48550 for the target of Rs 49200 and in silver around Rs 71000 with a stop loss of 70400 for the target of Rs 72200.