Short-term trend remains bullish, buy gold: Anand Rathi

In an interview to CNBC-TV18, Priti Gupta, Director of Anand Rathi Commodities spoke about the current trend in commodities market.

Below is a verbatim transcript of the interview:

Q: What is the trading call on gold this morning?

A: Technically it makes sense for a buy call on gold and silver both. I think our call is based on the fact also that the dollar index as well as the euro stands at an all time high. Therefore, we expect any movement in that to reflect on to gold.

Apparently we do expect some kind of correction. Therefore, gold in the short-term remains to be bullish. We look at a range between USD 1,400-1,500 per ounce. Unless it breaks above USD 1,500 per ounce, we do not see it confirming into a bull trend.

Q: How are you trading silver this morning?

A: We are looking at buying silver at Rs 45,100-45,200 per kilogram levels for a target of Rs 45,550 per kilogram followed by Rs 45,700 per kilogram.