Gold prices rose to Rs 31,689 per 10 gm in futures trade today. In an interview to CNBC-TV18, N S Ramaswamy, Head CRM & Commodities, Ventura Commodities is expecting gold to remain rangebound in its trade with a positive bias. He says, "the long side is preferred with a stop loss of close to Rs 31,460 per 10gm or Rs 31,450 per 10gm."
Below is the edited copy of Ramaswamy's interview to CNBC-TV18.
Q: Let us start off with gold which has had a good start today, how do you trade that?
A: We are expecting some rangebound trade with positive bias. I don’t expect the intraday trade to move greatly, though it is in the near-term. For example, the market is already taking into cue tomorrow’s euro zone’s meet on the
Q: It is crude that has got back on the trader’s radar. How would you approach that one this morning?
A: Crude prices are affected by the Middle East tension as well as the worries over the
So, on the domestic front, the price levels could be anywhere above Rs 4,850 per barrel. The crude is likely to be a buying counter. We expect it to break levels of Rs 4,885 per barrel on an intraday basis. The near-term price expectations beyond the bullishness should start further beyond Rs 4,925 per barrel levels. That is what is expected in the near-term also. The counter looks to be bullish on the near-term as well as on intraday basis.
Q: What are your views on silver?
A: Silver seems to be on a breakout rally again; it is expected to be above Rs 62,500 per kg in the near-term. It could be indicative of a very great bullish pattern which can be formed. Now, on an intraday basis or a near-term maybe in a two days session, we expect silver prices to hover in the range of Rs 61,400-61,500 per kg.
We would recommend going long on silver. On an intraday basis maybe levels upto Rs 61,800-61,900 per kg is what could be expected. Any breakout above Rs 62,500 per kg or the 33-33.20 COMEX silver mark could be a big bullish rally that would set in for silver.