Experts bullish on gold, recommend selling crude and metals

Reena Walia, Sr. Research Analyst - International Commodities at Angel Broking expects gold prices to rise from an intraday perspective and for today’s trade she recommends buying MCX gold June contract around Rs 28,900 per 10 grams levels. “A stop loss can be applied around Rs 28,790 per 10 grams and on the upside we are targeting Rs 29,070 per 10 grams for today’s trade” she adds.

Shreekant Jha, Managing Director at PJ Commodity Ventures sees crude on the downside in the short term. He feels it should go down a little lower. “Crude has a resistance at Rs 5,300 per barrel level and unless it crosses that, being short in crude would be a good idea. It may not have the strength to actually reach Rs 5,200 per barrel so the suggestion would be that maybe around the Rs 5,150 per barrel levels or Rs 5,200 per barrel levels if you see an opportunity there, you could sell into that and maybe cover it around the Rs 5,050-5,000 per barrel levels” he says. Dipen Shah, Business Head at Stayvan.com sees some rise in the prices and some bounce back in the prices of base metals due to the oversold nature but nickel seems to be the weakest commodity. Hence, he advises that whenever there is a reversal of trend towards profit booking, nickel could be sold into near Rs 945-950 per kilogram regions with a stop loss of Rs 970 per kilogram for a target of Rs 865-870 per kilogram. Ashish Kyal, Head of research at Commtrendz feels that the sell off in world equity markets over past few weeks and slowing growth in China and Europe is bearish for base metal prices. He reckons that copper has been finding strong resistance around Rs 429 per kilogram levels and therefore suggests selling Copper on rallies to Rs 426 per kilogram with a stop loss of Rs 429 per kilogram and a target of around Rs 420 per kilogram.