Crude may see $95-97/bbl in next 1-2 weeks: IIFL

Crude has been volatile over the last couple of sessions. In an interview to CNBC-TV18, Tarang Bhanushali, IIFL says crude has been heading towards USD 93 per barrel mark. "In crude, we see profit booking till USD 91.5 per barrel levels. From thereon, we will see a rally till USD 95 per barrel levels," he adds.

For gold, he says, USD 1,740 per ounce is a very strong support level. Also read: Expert tips to trade gold, copper, nickel & crude Below is the edited transcript of his interview with CNBC-TV18's Udayan Mukherjee. Q: What is the mood in crude market? A: Crude has been heading towards USD 93 per barrel mark. Yesterday, it went till that level and has come down after the increase in the US inventory. In crude, we see profit booking till USD 91.5 per barrel levels. From thereon, we will see a rally till USD 95 per barrel levels. Crude is the strongest in the near-term. We feel that, on the upside, it can go to USD 95-USD 97 per barrel over the next one-two weeks. Q: What about gold? A: If you look at gold from last 15 to one-month trading, it was unable to break the USD 1,800 per ounce mark. Then profit booking crept in and we saw gold prices coming down to USD 1,740 per ounce. We have seen it slip below that. We believe USD 1,740 per ounce is a very strong support level. We would see a small bounce from hereon. If we stay above USD 1,740 per ounce, we are net buyers in gold. It is headed towards USD 1,765 per ounce. Intraday as well as for the near-term we are net buyers in gold.