According to Kaushal Jaini, Asst. Vice President, Kaycee Commodity Services, crude does not seem to be having a shorting time at current levels. But certainly if it closes below USD 120/bbl, one can initiate fresh shorts. On gold he says, any fall below USD 860/oz now would take it to USD 840/oz.

Excepts from CNBC-TV18's exclusive interview with Kaushal Jaini:

Q: What's the feeling on crude? Even at current levels is it a shorting time at all?

A: Crude does not seem to be having a shorting time at current levels. But certainly if it closes below USD 120/bbl, one can initiate fresh shorts but at current levels it is making higher highs. So one who wants to take a positional call can still go long at this level vis-à-vis USD 125-127/bbl for a positional view of USD 135/bbl> But one needs to keep strict stop losses at this hour of trading pressures because it is trading at all-time high. One has to keep a strict stop loss of USD 120/bbl in place.

Q: How would you trade gold because it is actually not breaking that range of USD 850/oz on the lower side and USD 890/oz on the higher side - any direction there?

A: Gold has broken its support in the spot chart of USD 866/oz basically on the spot price. So any fall below USD 860/oz now would take it to USD 840/oz and in exchanges in India would be a short below Rs 11,800/10 gm with a target of Rs 11,700/10 gm and positioning at the Rs 11,600/10 gm. So currently it is not a buying scenario in gold and should it go above USD 888/oz, one can go for a short position too.

Q: How are the base metals looking to you because all of them have seen some profit taking today after a couple of days of gains since we saw that China earthquake. But copper really has come down quite strongly - more than 1.5% down at this point in time, how are you looking at that one?

A: Copper is still in a consolidation phase between Rs 340/kg on the downside and Rs 348/kg on the upper side. So a trader can trade in the range of these two extremes. And if it comes around Rs 340, then one can go long and short around Rs 346-347/kg but this position should be taken only above Rs 348. If it closes below Rs 340, take a buy or sell position.