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Chat Transcript

21 Feb 2013 - 12:00hrs hrs

Gnanasekar T |


Which commodities look good to buy or sell

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vinod_kumar9: Sir, gm. How do you see yesterdays Fed announcement on bonds to impact gold and silver.
Gnanasekar T: Hi, The announcement yesterday was nothing new. The prev FOMC minutes has also indicated the same. However, this time gold bulls are nervous due to big funds trimming their positions.
mumbai.com: hello sir, how r u? do yoy think gold will reach 25000 in near term? can one accumulate gold at this level?
Gnanasekar T: Veru well, thnaks! There are some key levels to watch. Initially 29,000 is expected to hold for a retracement. Subsequently it has chances to decline to 28,500 levels. Beyond that I am sceptical at this point though I might not rule out 25,000 also.
rnp_111: where do you see support for silver? Thanks
Gnanasekar T: $26.50 in intl mkts and 51,-500 in domestic mkts.
vishaljain002: Sir, whats your view on silver at Ts 53000/-. Previously it made a low of Rs 48000/- before climbing to Rs 64000/- levels from where it has fallen. Where do you finda bounce back in silver? Also, please advice regarding the target and timeframe. Thanks.
Gnanasekar T: $25-26 in intl mkts and close to 50,000.
mahavir_1008: hello sir, at what levels can one buy gold or silver
Gnanasekar T: think 28,700-29,000 in short-term should be good support. But not necessary that it might hold there. Can go doen. For investment purpose one should be prepared to buy on dips.
vishaljain002: Please advice regarding the investment levels for gold along with the target and timeframe. Thanks.
Gnanasekar T: Intl mkts $1525-30 is a good support close to 28,800-28,900 in domestic mkts looks a good support.
vishaljain002: Can silver ever cross the Rs 70000/- mark which it hit a few years back?
Gnanasekar T: Nothing is impossible!!
pfaisalkhan: which is the best agri commodity to invest in for the next six months
Gnanasekar T: Agri commodities are subject to weather and demand/supply situation and one cant take a call in advance. But one can look at cotton on the long side and edible oil on the short side.
sammin22: can one short gold @ 1767 for a tgt of 1735-26? and silver @ cmp for a tgtr of 27.5? and crude for a tgt og 90$
Gnanasekar T: you mean $1567 for a tgt of $1536, Yes can with a stop at $1610. Silver too with a stop at $29.20.
symantec: How does gold look to you? Shall one consider investing into Gold ETFs at current level?
Gnanasekar T: Gold`s weakness could continue but it is nearing crucial supports. So, for investment purpose one can consider buying near those supports. 28,500 levels.