Expert views on gold, silver, copper & nickel

Ashish Shah of Sushil Finance believes that resistance continues for gold near Rs 30,050 per 10 grams unless and until there is a closing above Rs 30,200. He feels that this trend may not reverse and hence suggests traders to go short on this commodity at current levels and on rallies up to Rs 30,000 per 10 grams with stop loss above Rs 30,100 per 10 grams for an overall downward target of Rs 29,850 per 10 grams.

Shreekant Jha of PJ Commodities believes that silver gave an entry for the short side and Rs 52,200 per kilogram is the target he is looking at which just fell short of it, it was around Rs 52,400 per kilogram. He further adds, “Today you may see some retracement back to the Rs 53,000 per kilogram levels, which means you could add to your positions and again look at the Rs 52,000 per kilogram levels as the point to cover it.”

From an intra day perspective, Reena Walia of Angel Broking expects copper prices to trade higher and hence recommends a buy in the MCX copper new month contract at around Rs 415 per kilogram levels with a stop loss of around Rs 411 per kilogram for upside targets of Rs 421 per kilogram.

Priyank Upadhyay of SSJ Finance & Securities reckons that once nickel price breaks above Rs 940 per kilogram, it would be good to buy with a stop loss below Rs 925 kilogram for targets of around Rs 960 kilogram.