Gold price today 18-05-2021: Should you invest in yellow metal? Expert suggests this - Check target price, stop-loss here

Gold price today 17-05-2021: Prithvi Commodities says that Gold and silver extended gains on Monday and gold prices reached four months high and silver also reached three months high in the international markets. Both the precious metals were settled on a positive note in the international markets. Gold June futures contracts were settled at $1867.60 per troy ounce with a gain of 1.29% and silver July futures contracts were settled at $28.27 per troy ounce with a gain of 2.78%. Both the precious metals were also settled on a positive note in the domestic markets. Gold June futures contracts were settled at Rs 48474 per 10 gram with a gain of 1.67% and silver July futures contracts were settled at Rs 73324 per one kilogram with a gain of 3.15%. 

Gold and silver gained after downbeat U.S. retail sales and core retail sales data released last week. Both the precious metals also get support from the weakness in the dollar index and bond yields. Crypto currencies are plunged in the recent past and that is also supported by precious metals. A report also suggests that funds are moving back to SPDR Gold Trust exchange traded funds due to selling pressure in the crypto currencies. Gold and silver breached major resistance levels of $1850 and $28 per troy ounce on a daily closing basis on Monday. We expect both the precious metals remain volatile in today’s session and any decline in the prices would be a buying opportunity again. Weakness in the dollar, strength in the crude oil prices and selling pressure in crypto currencies continue to support precious metals, says Prithvi Commodities. 

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Prithvi Commodities says that Gold is having support at $1855-1840 per troy ounce and resistance at $1884-1896 per troy ounce; silver is having support at $28.00-27.55 per troy ounce and resistance at $28.70-29  per troy ounce. At MCX, gold is having support at Rs 48180 – Rs 48055 and resistance at Rs 48660 – Rs 48800 levels; silver is having support at 72700-72200 and resistance at Rs 73900 – Rs 74500 levels. Prithvi Commodities suggest buying in gold around Rs 48300 with a stop-loss of Rs 48050 for the target of Rs 48800 and in silver around Rs 72700 with a stop-loss of Rs 72100 for the target of Rs 74200