Gold, silver may correct from current levels: CommTrendz

T Gnanasekar, Director, CommTrendz Research & Fund Management sees further downside to crude oil prices from curret levels. "Technically, it does not show any kind of signs that crude has bottomed out. Our own preferred range is between USD 82-90 per barrel in the very near-term," he said in an interview to CNBC-TV18. 

Meanwhile, precious metals gold and silver are also expected to witness a slightly bigger fall from current levels. Also read: Commodity bets: Trading tips for gold, crude & copper Below is the transcript of his interview with CNBC-TV18 Q: What is the view on crude, given the way prices have come off in brent over the last few days? A: The data which has come out on Friday is sort of positive for crude. But, technically it does not show any kind of signs that crude has bottomed out. So, despite Chinese data coming out pretty strong last week, we still feel there could be some more downside. Our own preferred range is between USD 82-90 per barrel in the very near-term. I feel that somewhere closer to 80 a strong bout of buying might come in. But at these levels presently, it is trying to find some support. Also, rupee is providing some amount of support because It is depreciating to some extent. But, overall we still feel there is some more downside left in crude. Q: What do you make of the rally in silver this morning? A: It is on the back of the rupee and the way in which it has fallen last week. We are getting into a festival demand week. This could support precious metals to some extent, but that is the only support it can get. Otherwise, on a slightly overall picture, both gold and silver are headed for a slightly bigger fall from current levels.