See short- term pain in gold, sell today: Motilal Oswal

In an interview to CNBC-TV18, Kishore Narne, Associate Director, Head - Commodity & Currency of Motilal Oswal Commodity Broker spoke about the outlook for the commodities market.

Below is a verbatim transcript of the interview: Q: Any strategies on gold specifically? A: Unfortunately, we are going to sell today.The longer-term picture still looks good but short-term there is pain in gold to some extent. I would suggest to go short in gold for today or tomorrow at around Rs 27,000-27,100 per 10gm levels with Rs 27,350 per 10gm as a stop loss and one can look at targets close to Rs 26,600 per 10gm in a very short-term. Q: What are you doing with silver right now? A: Even silver is looking weaker but gold is looking much weaker. So, probably in silver one can go short. I would suggest to go for a spread strategy. One can probably buy silver and sell gold at the same time. I would believe that silver will be slightly outperforming gold and gold will be weaker than silver as the base metal rally continue to support silver. So it has been stuck in a range for a while now. So there are no trading opportunities in silver but obviously the spread will pay off very well in the next couple of weeks.