Bullish on gold & silver, says Emkay's Ashok Mittal

In an interview to CNBC-TV18, Ashok Mittal, CEO of Emkay Commodities talked about the commodity market. As gold and silver are both up and even crude has started quite substantially, Mittal says, the bullishness or firmness in gold and silver both should continue for some more time. 

He says the overall broader range for gold is between USD 1,700 and 1,800 per ounce. Also read: Commodity bets: Trading tips for gold, crude, zinc & copper Below is the transcript of his interview with CNBC-TV18 Q: What is the outlook on gold going into Diwali next week? A: I think that the bullishness or firmness in gold and silver both should continue for some more time while the overall broader range is between USD 1,700-1,800. But if you narrow it down USD 1,720 should be a good support. So, we recommend to buy somewhere around USD 1,730. We also expect that USD 1,720 should not be broken on the downside. On the upside the target should be USD 1,750-1,760 on the international markets. Similarly, on the Indian markets, I think Rs 31,300 is a support. It is a good buying level, keeping a stop loss around Rs 31,150. On the higher side we expect Rs 31,600-31,700 as the target. I think the demand on the festival season will continue from India. Also international prices are expected to remain strong. Q: Would you be equally bullish on silver? A: I think yes. Silver has also shown good movement. After last week’s volatility, now we expect stabilization happening on the prices, with the upward bias. I think USD 32 on the international market is good support which should not be broken. Hence, we are buying on those levels. On the upside we expect USD 33 and higher. On Indian markets, I think Rs 59,500-59,600 should be a good buy level. On the higher side we do expect close to Rs 61,000 target in the near-term and maybe Rs 62,000 later on. So, both gold and silver are looking good for the next few sessions. Hence buying on dips is advisable.