Crude's bullish momentum to continue; buy now: Ventura

In an interview to CNBC-TV18, NS Ramaswamy, Head CRM & Commodities, Ventura Commodities Pvt Ltd shared his reading and outlook on crude and gold.

Gold may hit $1200 if Middle East tensions elevate: Lennox Below is the verbatim transcript of Ramaswamy's interview with CNBC-TV18. Q: What kind of immediate levels are traders talking about on crude? A: Before crude would see higher levels, we could see some support levels to be tested from the present levels although the bullish momentum is likely to continue. It retreated after 14 month high in Nymex level after the Egypt's political turmoil a bit eased with the new President appointment. We expect crude level to be slightly on the higher side. We have a buy recommendation. We expect July MCX contract to see levels close to Rs 6,100-6,120 per barrel with a stop loss of Rs 6,010 per barrel. We could expect some bullish momentum to set in. In dollar terms after a bit of correction expect levels close to USD 106-108 per bbl. Basically the market is waiting and watching on the US non-farm payroll, which is a very crucial data from the US today.  Q: How are you advising trade on gold today? A: Gold after seeing a low of around USD 1,180 per ounce in the COMEX level on June 28 becomes an impulsive and tradable level with that support. USD 1,180 per ounce being a support we could see some corrective scenario and can be seen here from these levels. We are expecting close to levels of USD 1,263 per ounce. In rupee terms we expect gold August contract at Rs 26,200 per 10gm maybe Rs 26,280 per 10gm with a stop loss of Rs 25,995 per 10gm could be seen. Basically deeper setback is giving some opportunity temporarily for gold to see on an intraday or short-term to see a bit of corrective scenario.