Gold prices to cut; base metals see selling pressure: Angel

India, the world's biggest buyer of gold, today saw subdued demand. The reason for such a demand was because buyers postponed their purchases as they felt there was an inauspicious phase currently, while some awaited a bigger fall in prices, experts said.

However, Reena Walia, senior research analyst of international commodities at Angel Broking expects the overall gold prices to cut due to the downside pressure.
She further pointed out that the strengthening dollar index will be a very negative factor for gold in the near-term. "From an intraday perspective, we would recommend a sell in the near month contract around Rs 27,600 per 10 grams levels with a stop loss of Rs 27,720 per 10 grams levels with a target of Rs 27,400 per 10 grams levels", he pointed out.
Shifting focus to the base metals space, Walia feels they could witness a lot of selling pressure. Taking cues from dollar strengthening and overall weak macro economic scenario, Angel Broking feels prices are in for a downside.
From an intraday perspective, she recommended a sell on copper in MCX February contract around Rs 391 per kilogram levels with a stop loss of about Rs 395 per kilogram, she advised. However, she expects the prices to fall to Rs 384 per kilogram. Also watch the accompanying video for Walia's complete interview to CNBC-TV18...