Geojit Commodities sees gold at $1,000/oz in medium-term

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Speaking exclusively to CNBC-TV18, Alex Mathew of Geojit Commodities said, gold was still looking very bullish. He expected gold to hit USD 1,000/oz in the international spot over the next three to six months.

He was equally bullish on silver saying that it had an immediate target range of USD 19 to USD 20.5 in the international market, owing to strong gold and platinum , and a weak dollar .

Commenting on crude he said, in the domestic market crude oil had strong support at Rs 3,585 with an immediate target of Rs 3,655. He expected an upward movement in crude only if it breached the Rs 3,655 level.

Excerpts from CNBC-TV18's exclusive interview with Alex Mathew:

Q: Are you a buyer even at current levels? What are the new levels now that a gold trader should watch out for?

A: I am bullish on gold. Immediate resistance for international spot is at USD 918. It may breach that today itself. Then in that case, it will move towards USD 925 to USD 949 levels in the short run. Over the medium-term in another three to six month's period, we can even see gold moving towards USD 1,000 in the international spot.

In the domestic market, we are seeing some sort of profit booking at higher levels. But it doesn't matter; it is getting support at Rs 11,400 levels on the MCX February contract. Once it breaches Rs 11,500 level it can move easily towards Rs 11,550 to Rs 11,600 in the short run.

Q: How are you looking at silver? It is at 27-year highs. Are you looking at much more gains from here?

A: Yes, I am bullish on silver too. It is having an immediate target towards USD 19 to USD 20.5 in the international market, because of strong platinum and strong gold and weak dollar.

In fact, domestic silver is seeing some sort of profit booking like gold. But it has a very strong support at Rs 21,000 levels. My immediate target is Rs 21,750 and it can even move towards Rs 22,000 in the short run.

Q: Crude hasn't seen too many gains; it has actually been hovering around USD 93. Any levels that you would want to give there?

A: Yes, international crude has a very strong support at around USD 90.83. So, that is the level I am looking for. From there it has to move towards USD 95.86. That is the exponential moving average. That is the first target for crude. So, lower level support is still intact.

In the domestic market, crude has support at Rs 3,585. There is a support above that at Rs 3,600, which is a psychological support. But strong support is seen only at Rs 3,585. And immediate target will be Rs 3,655. If it moves above that, only then we may see a sharp upward movement for crude oil.