Gold price today, 27 May 2021: Gold prices fall after hitting Rs 49,000; check support, resistance levels

There may be some volatility in gold on the rising greenback as buyers are awaiting the US private consumption report back to gauge inflationary stress. Picture: Reuters

Gold Value At present, Gold Value Outlook, Gold Value Forecast: Gold costs have been seen struggling within the home market on Thursday, a day after it crossed Rs 49,000 per 10 gram mark in intraday offers. On Multi Commodity Change, gold June futures have been buying and selling unstable at Rs 48,795 per 10 gram, as towards the earlier shut of Rs 48,784. Silver July futures have been buying and selling weak at Rs 71,374 per kg, down Rs 37, as in comparison with the final shut of Rs 71,411. COMEX gold was buying and selling 0.4 per cent decrease at close to $1893/oz after a 0.2 per cent achieve within the earlier session. Within the international market, gold costs retreated from a 4-1/2-month excessive on the again of an increase within the US greenback and bond yields, whereas buyers awaited key financial readings out of the US this week. Spot gold was down 0.1 per cent at $1,894.88 per ounce after hitting its highest since January 8, 2021 at $1,912.50 on Wednesday. US gold futures declined 0.3% to $1,898 per ounce, in keeping with Reuters.

Bhavik Patel, Senior Technical Analysis Analyst, Tradebulls Securities

Gold yesterday climbed above $1900 however broke beneath $1900 throughout closing hours. Any correction is likely to be shallow and brief lived at finest as the foremost basic drivers who’ve taken gold considerably increased are completely nonetheless in play. Gold has stable assist at $1848 the place 200 day transferring common is. It must also be famous that in COMEX, gold has witnessed a golden cross between 50 and 100 day exponential transferring averages. Final time gold tried to interrupt and shut above $1900 was in January and nonetheless it stays a key resistance degree. In MCX, gold has managed to cross above its 200 day exponential transferring common however nonetheless has to offer closing above it. Rs 48,200-47,900 is an effective assist degree for gold and any possible dip round that degree is an effective alternative to go lengthy with cease lack of Rs 47,200 and goal of Rs 49,600. Subsequent resistance for gold comes between Rs 49,500-49,700.

Rahul Gupta, Head of Analysis-Forex at Emkay Global Financial Services

There may be some volatility in gold on the rising greenback as buyers are awaiting the US private consumption report back to gauge inflationary stress, US GDP and jobless claims information all due later at the moment. The safe-haven demand will stay intact however any upbeat information level could put upward stress on greenback, thus if MCX gold breaks the essential assist of Rs 48,600, we might even see a fall in direction of Rs 47,900, whereas Rs 50,000 will act as a vital resistance.

Ravindra Rao ,CMT, EPAT, VP- Head Commodity Analysis at Kotak Securities

Gold has corrected from Jan. highs amid some restoration in US greenback and profit-taking by ETF buyers. Nevertheless, supporting worth is choppiness in fairness markets, unfastened financial coverage stance of main central banks and China’s efforts to restrict uncooked materials costs. Gold has rallied sharply in previous few days and is now seeing some profit-taking which can lengthen if the US greenback recovers additional or if fairness markets stabilize.”

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