Experts bullish on gold, silver & nickel; down on copper

Renisha Chainani of Edelweiss feels that at comex, gold has given a breakout of its three months range of USD 1530-1630 per ounce. She expects prices to continue till USD 1700 per ounce in one or two days. So, on MCX, Chainani recommends buying gold on dips around Rs 30,800 per 10 grams with a stop loss of Rs 30,700 per 10 grams and target of Rs 31,000 per 10 grams.

Priyank Upadhyay of SSJ Finance & Securities believes that after breaking out above USD 28.50 per ounce in comex, silver prices are headed higher towards USD 31 per ounce. So, he advises buying silver in MCX around Rs 56,500 per kilogram with a stop loss below Rs 55,800 per kilogram for targets of around Rs 58,000-58,300 per kilogram. Kunal Shah of Nirmal Bang Commodities continues to remain bearish on copper. He advocates going short at Rs 428 per kilogram with a stop loss placed above Rs 431 per kilogram for targets of Rs 421 per kilogram. In the base metal pack, NS Ramaswamy of Ventura Securities recommends buying nickel August contract in the range of Rs 910-920 per kilogram looking out for target of Rs 938 per kilogram and beyond that to Rs 945 per kilogram. Ramaswamy says, “Fundamentally, on the Russian production output being less and also the ban on the exports of Indonesian ore, we expect a long position in nickel with these levels with a stop loss of Rs 905 per kilogram.”