Gold to face more selling pressure: IIFL

In an interview to CNBC-TV18, Tarang Bhanushali of IIFL spoke about movements in gold and crude.

Below is a verbatim transcript of the interview:

Q: It is only moving lower for gold, how are you guys trading that one?

A: We feel that still we are going towards the new low we created last month. We believe that selling pressure in gold would continue. The dollar index has hit new highs and that would lead to further selling in gold prices in the near-term.

Q: What about crude? That is not correcting so much.

A: We do not expect any major direction in crude over the next few days. We believe that the range between USD 92 per barrel on the downside and USD 98 per barrel on the upside would continue to remain intact. It would trade around these levels in the near-term.