Gold price today 6-05-2021: BUY Gold around Rs 46850 with a stop-loss of Rs 46640 for the target of Rs 47300

Gold price today 6-05-2021: In a report, Prithvi Commodity says that Gold and silver showed mixed trends on Wednesday with both the precious metals slipping from nine week highs after an adverse comment of the U.S. Treasury Secretary on interest rates on Tuesday. Both the precious metals settled on a mixed note on Wednesday in the international markets. Gold June futures contracts were settled at $1784.30 per troy ounce with a gain of 0.47% and silver July futures contracts were settled at $26.52 per troy ounce with a loss of 0.15%. Both the precious metals were also settled on a mixed note in the domestic markets. Gold June futures contracts were settled at 47000 per 10 gram with a gain of 0.28% and silver July futures contracts were settled at 69619 per one kilogram with a minor loss of 0.04%.

The gold and silver prices get support from the lower levels after softer than expected U.S. ISM services and ADP non-farm payroll data. The ISM said its non manufacturing index showed a reading of 62.7% for April, down from March’s reading of 63.7%. The data missed expectations as consensus forecasts were calling for a reading of around 64.2%.  The ADP non-farm employment reading shows that 7,42,000 jobs were created in the month of April against consensus forecast of 8,72,000 and against the revised data of March months of 5,65,000. Lower than expected services and non-farm employment data supported both the precious metals after Tuesday’s setback. However, the rebound in the dollar index restricted gains in both the precious metals highlights Prithvi Commodities.

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Prithvi Commodity expects both the precious to metals remain volatile in today’s session ahead of U.S. unemployment claims data and both side moves are expected. Gold is having support at $1772-1758 per troy ounce and resistance at $1798-1814 per troy ounce; silver is having support at $26.10-25.70 per troy ounce and resistance at $26.84-27.20 per troy ounce. At MCX, gold is having support at Rs 46800 – Rs 46650 and resistance at Rs 47180 – Rs 47440; silver is having support at Rs 69100 – Rs 68500 and resistance at Rs 69700 - Rs 71400 levels. Prithvi Commodity suggests buying in the gold around Rs 46850 with a stop loss of Rs 46640 for the target of Rs 47300.