Metals great place to be in now: Richard Ross

Richard Ross, global technical analyst, Auerbach Grayson believes the recent recovery seen in gold suggests an upside of atleast USD 100 per ounce.

Speaking to CNBC-TV18, Ross adds that gold may test its 200-day moving average upto USD 1507 per ounce. Also read: Gold's rebound: Why it is believable this time
"However, I am quite bullish on gold and silver and across the precious metal space platinum as well, the metals are great place to be,” he adds. Below is the edited transcript of Ross' interview to CNBC-TV18.

Q: Last week was the far worst for Wall Street than this week was with the exception of that trading glitch which you saw on the Nasdaq yesterday?
A: We are seeing some stabilisation here. It is a pretty decent summer correction. We took off about 4 percent of the S&P and the Dow and it ofcourse was a black eye yesterday with the trading disruption. However, one cannot do much on the market structure side and I am very constructive as we head into the fall. Q: What do you make of gold?
A: It is a spectacular recovery from a technical standpoint; I think the chart suggests that there is upside in gold. I do not know if this is a long-term buying opportunity but in the short-term, there is atleast another USD 100 per ounce on upside.
I think we could easily see a test of the 200-day moving average, up around USD 1507 per ounce but first we have to be content with the USD 1400 per ounce level. However, I am quite bullish on gold and silver and across the precious metal space platinum as well, the metals are great place to be.