Gold Price June 1: Expert reveals strategy; Check buying range, stoploss and target for yellow metal TODAY

Gold price today 1/6/2021: Prithvi Commodities says that Gold and silver traded steady in holiday tuned markets on Monday. Both the precious metals were settled on a mixed note. Gold August futures contracts were settled at $1905.30 per troy ounce with a gain of 0.09% and silver July futures contracts were settled at $28.01 per troy ounce with a loss of 0.16%. Both the precious metals were settled on a positive note in the domestic markets. Gold August futures contracts were settled at Rs 49349 per 10 gram with a gain of 0.40% and silver July futures contracts were settled at Rs 71898 per one kilogram with a gain of 0.40%. Gold and silver gained smartly in the month of May amid inflation concerns and weakness in the dollar. Gold gained nearly 8.0% highest monthly gain in the last ten months while silver posted its biggest monthly gain since December, 2020.
 
Most of the markets were closed on Monday in the United States on account of Memorial Day and public holiday in Britain. Gold and silver traded steady on Monday in the holiday tunes market but posted best monthly gains due to rising global inflation and weakness in the dollar. The dollar index posted losses for the second consecutive month and benchmark 10-year bond yields also traded steady on Monday. The Biden administration’s proposal for huge infrastructure spending continues to keep inflation at a higher side. Hedge funds and exchange traded funds increased their bullish bet on gold last month. Some international analysts are predicting gold prices to $2000 per troy ounce by the end of the year and $3000 per troy ounce in the next three years, says Prithvi Commodities.

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Prithvi Commodities says that they expect both the precious metals to remain steady and weakness in the dollar continue to support prices. Gold is having support at $1896-1884 per troy ounce and resistance at $1914-1933 per troy ounce; silver is having support at $27.88-27.50 per troy ounce and resistance at $28.34-28.74 per troy ounce. At MCX, gold is having support at Rs 49180 - Rs 48950 and resistance at Rs 49580 – Rs 49800 levels; silver is having support at Rs 71400 – Rs 70900 and resistance at Rs 72400 - Rs 73000 levels. Prithvi Commodities suggests buying in gold around Rs 49200 with a stop-loss of Rs 48950 for the target of 49600 and in silver around Rs 71500 with a stop-loss of Rs 70800 for the target of Rs 72800.