Gold has support at $1108/oz in short-term: Sharekhan

RELATED NEWS Gold has support at $1127-1118/oz: Microsec Commerze India gold demand rises as rupee strengthens ALSO READ See what other experts are saying about markets See what FIIs are saying about the markets See what Udayan Mukherjee is saying about the markets Nifty BSE | NSE 23/05/12 Are Mutual Funds betting on Nifty?

In an interview with CNBC-TV18, Tejas Shah, Commodities Analyst at Sharekhan, spoke about his strategy on gold.

Here is a verbatim transcript of an excluisve interview with Tejas Shah on CNBC-TV18. Alos watch the accompanying video.

Q: Post the kind of 1% slip that you have seen in gold still holding above the 50 DMA what would your strategy be on gold?

A: We have seen gold prices slipping USD 30 per ounce from recent highs of USD 1,142. Gold is right now very close to the 50 day moving average (DMA) as well as very strong short-term support level at around USD 1,108 per ounce.

Our strategy for the next couple of days would be to go long around USD 1,115 per ounce with a stop loss below USD 1,108 per ounce. We are targeting retest of the USD 1,140 per ounce in the next two-three sessions.