Commodity Bets: Experts bearish on gold, crude and metals

Shreekant Jha, Managing Director of PJ Commodity Ventures thinks that unless gold moves beyond the Rs 29,700 per 10 grams, it is still a sell. Based on that he recommends selling gold around the Rs 29,500 per 10 grams levels and we could probably get targets of Rs 29,300 per 10 grams or even Rs 29,000 per 10 grams.

Ashish Kyal, Head of research at CommTrendz feels that slower than expected growth in US GDP and huge build up in crude inventories in US are bearish for oil prices. So he suggests selling crude on rallies towards Rs 4,950 per barrel with a stop loss of Rs 5,000 per barrel and a target of around Rs 4,860 per barrel. For intraday trade, Reena Walia, Senior Research Analyst of International Commodities at Angel Broking recommends selling MCX copper June contract around Rs 424 per kilogram levels with a stop loss of Rs 428 per kilogram and a target of Rs 418 per kilogram on the downside. Dipen Shah, Business Head of Stayvan.com believes that metals are having low relative strength and could also be now sold into as fresh shorts. He sees some good profit booking. So he advocates selling lead on MCX around Rs 108.50 per kilogram with a stop loss of Rs 110 per kilogram for a target of Rs 106 per kilogram.