Gold buying range today 27/05/2021: Expert says BUY GOLD on dips around Rs 48500 with a stop-loss of Rs 48250 for the target of Rs 49050

Gold price today 26-05-2021: Prithvi Commodities says that Gold and silver showed roller coaster moves on Wednesday and both the precious metals gained in early trading session but rebound in the dollar index erased gains in late evening session. Both the precious metals were settled on a mixed note in international markets. 

Gold June futures contracts were settled at $1901.20 per troy ounce with a gain of 0.17% and silver July futures contracts were settled at $27.88 per troy ounce with a loss of 0.62%. Due to strength in rupee both the precious metals were settled on a weaker note in the domestic markets. 

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Meanwhile on MCX, Gold June futures contracts were settled at Rs 48784 per 10 gram with a loss of 0.17% and silver July futures contracts were settled at Rs 71411 per one kilogram with a loss of 1.01%.

The dollar index rallied on Wednesday for the first time this week as the U.S. Federal Reserve officials continued to downplay the prospects of rising inflation. Richard Clarida, the Fed's vice chair, said on Tuesday that the U.S. central bank had the ability to curb an outbreak of inflation and engineer a "soft landing" without throwing the country's economic recovery off track. After his statement the dollar index rebounded and crossed 91 marks again and triggered profit taking in precious metals at higher levels. 

However, gold prices are settled above $1900 per troy ounce for the first time since January, 2021. Prithvi Commodities expect gold and silver prices to find support at lower levels again amid global inflation concerns, today’s U.S. durable goods orders and core durable goods orders data, all of which give further directions to the prices.

Gold is having support at $1892-1878 per troy ounce and resistance at $1914-1922 per troy ounce; silver is having support at $27.55-27.30 per troy ounce and resistance at $28.20-28.55 per troy ounce. 
At MCX, gold is having support at 48600-48380 and resistance at Rs 49050-Rs 49220; silver is having support at 70700-70200 and resistance at Rs 72200 – Rs 72800 levels. 

Prithvi Commodities suggests buying in gold on dips around Rs 48500 with a stop-loss of Rs 48250 for the target of Rs 49050 and in silver around Rs 70800 with a stop-loss of Rs 70100 for the target of 72200 levels.