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Gold Price Today 06-05-2021: Want to buy Gold, Silver? Experts give intraday and positional term strategy

Zee Business logo Zee Business 06-05-2021 zeebizindia@gmail.com (Zee Business)
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Gold price is likely to see an upward trend, commodity expert Vandana Bharti tells Zee Business. The Assistant Vice President (AVP), Commodity Research at SMC Global said that market took advantage of a recent correction in prices. 

The price movement in MCX Gold could be between 47,300 and Rs 47,350 per 10 gm today on the intraday basis. 

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She recommends a Buy in Gold Futures. 

As for Silver, she said that she would stick to buying in this precious metal as well. She said that there will be an opportunity to buy silver if there is a small correction up to levels around Rs 69,840 per kg. She puts the target price at Rs 70,400 while the stop loss at Rs 69,649.  

Another expert Sunil Katke of Axis Securities said that the international price of Gold was USD 1792 and there would be a formation of a bullish trend if Gold crosses the resistance of USD 1802. 

As for MCX, he said that there is still a buying opportunity in Gold Futures around Rs 47,200. He puts the intraday stop loss at Rs 47,000 while the target price between Rs 47,600 and Rs 47,800.

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If the investors want to take a positional view on Silver, then they must wait for a while, Katke said. He said that the right levels to buy Silver with positional term view is in between Rs 66,000 and Rs 67,000. If one has a 3-6-month view on Gold then the target price will be Rs 75,000. 

At 1: 30 pm on Thursday, MCX June Gold Futures were trading around Rs 47,149, gaining by almost Rs 149 or 0.3 per cent. Meanwhile, MCX July Silver Futures were trading around Rs 70,240, up by almost Rs 621 or 0.9 per cent around this time.  

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