Gold share price today 7-05-2021: BUY Gold around Rs 47300 with a stop-loss of Rs 46980 for the target of Rs 47850, says Prithvi Commodity

Gold share price today 7-05-2021: Prithvi Commodity says that Gold and silver prices rallied on Thursday and both the precious metals breached their key resistance levels of $1800 per troy ounce and $27 per troy ounce respectively on a daily closing basis. Both the precious metals settled on a positive note in the international markets. Gold June futures contracts were settled at $1815.70 per troy ounce with a gain of 1.76% and silver July futures contracts were settled at $27.48 per troy ounce with a gain of 3.61%. Despite strength in the rupee both the precious metals also settled on a positive note in the domestic markets. Gold June futures contracts settled at Rs 47595 per 10 gram with a gain of 1.27% and silver July futures contracts settled at Rs 71681 per one kilogram with a gain of 2.96%.

The dollar index and benchmark 10-year bond yields slipped amid concerns of rising inflation and supported both the precious metals prices. The dollar index slipped below 91 marks again on Thursday and 10-year bond yield also slipped to 1.57%. Gold price crossed the key psychological resistance level of $1800 and also breached 38.2% Fibonacci retracement level of $1797 on a closing basis ahead of the U.S. April month job reports. Silver prices are also following gold and crossed key resistance of $27 per troy ounce. Prithvi Commodity says it expects both the precious metals remain volatile but weakness in the dollar index could support prices of both the precious metals. Now the next big hurdle for gold is its 200 DMA resistance at around $1868 per troy ounce. Ahead of the April month U.S. job report both the precious metals remain volatile in today's session and both side moves are expected, says Prithvi Commodities.

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Gold is having support at $1800-1788 per troy ounce and resistance at $1828-1844 per troy ounce; silver is having support at $27.00-26.70 per troy ounce and resistance at 27.88-28.20 per troy ounce. At MCX, gold is having support at Rs 47330 – Rs 47100 and resistance at Rs Rs 47800 - Rs 48050; silver is having support at Rs 71100 – Rs 70700 and resistance at Rs 72400 – Rs 72900 levels. Prithvi Commodity says that suggest buying in gold around Rs 47300 with a stop loss of Rs 46980 for the target of Rs 47850 and in silver around Rs 71100 with a stop loss of 70500 for the target of Rs 72600.