Gold buying range today 26/05/2021: Expert says buying in gold on dips around Rs 48660, stop-loss of Rs 48400 for target of Rs 49050

Gold price today 26-05-2021: Prithvi Commodities said that Gold and silver extended gain on Tuesday amid disappointing U.S. consumer confidence and new home sales data. Both the precious metals were settled on a positive note in the international markets. Gold June futures contracts were settled at $1898.00 per troy ounce with a gain of 0.72% and silver July futures contracts were settled at $28.05 per troy ounce with a gain of 0.54%. Both the precious metals were also settled on a positive note in the domestic markets. Gold June futures contracts were settled at Rs 48867 per 10 gm with a gain of 0.65% and silver July futures contracts were settled at Rs 72140 per one kilogram with a gain of 0.46%.
 
Prithvi Commodities says that the dollar index plunged again to nearly four-month lows after disappointing U.S. consumer confidence and new home sales data and supported both the precious metal prices. Tuesday, the U.S. Conference Board said that its Consumer Confidence Index fell to a reading of 117.2, down from April’s revised reading of 117.5. The data missed expectations as economists were expecting a reading around 119. New home sales also declined to 8,63,000 units against previous data of 9,17,000 units and economists were expecting a reading of 9,50,000 units. Benchmark 10-year bond yields also slipped below 1.57% after disappointing data and supported precious metal prices. Gold settled nearly 4-1/2 month highs and inching closer to $1900 per troy ounce and silver prices also crossed $28 per troy ounce levels. The dollar index is trading near its long term support of 90.20 and if its slipped below could further support prices of both the precious metals.
 

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Prithvi Commodities says that they expect both the precious metals to remain volatile in today’s session. Gold is having support at $1888-1872 per troy ounce and resistance at $1910-1922 per troy ounce; silver is having support at $27.70-27.40 per troy ounce and resistance at $28.40-28.84 per troy ounce. At mcx, gold is having support at Rs 48660 - Rs 48400 and resistance at Rs 49050 – Rs 49200; silver is having support at Rs 71700 – Rs 71000 and resistance at Rs 72800 - Rs 73300 levels. Prithvi Commodities suggests buying in gold on dips around Rs 48660 with a stop-loss of Rs 48400 for the target of Rs 49050 and in silver around Rs 71700 with a stop-loss of Rs 71000 for the target of Rs 73000.