Experts bullish on gold, crude & silver, negative on zinc

Sumeet Bagadia of Destimoney Commodities thinks that at present, gold looks best commodity to trade in. He believes gold prices can move up and touch levels of around Rs 30,500 per 10 grams. He says “Anytime dips in prices till Rs 30,200 per 10 grams levels should be used as buying opportunity with a stop loss to be placed at Rs 30,070 per 10 grams on the downside for the upside target of Rs 30,350 per 10 grams and above that Rs 30,500 per 10 grams in next couple of days.”

Ravindra Rao of Motilal Oswal sees a continuous upmove in crude oil prices. He expects prices to go further on the higher side and test levels of around Rs 5,450-5,500 per barrel levels. Rao says, “As it is continuously moving higher, we would recommend buying crude on dips towards Rs 5,320-5,330 per barrel levels. One can maintain a stop loss of Rs 5,250 per barrel for an upside target of Rs 5,450 and Rs 5,500 per barrel.” Shreekant Jha, Managing Director of PJ Commodity Ventures feels that silver has been rallying a bit in the last few days. He reckons that on last Friday, it moved up quite a bit and yesterday too it inched up giving suggestions that the consolidation phase is over. Jha further added “Under the circumstances, getting into it now at about Rs 54,500 per kilogram for a target of Rs 56,000 per kilogram is the way that we would look at trading into this. So, buy silver at Rs 54,500 per kilogram and you can exit it at Rs 56,000 per kilogram.” Dipen Shah, Business Head of Stayvan.com deems that there should be some underperformance coming in from base metals. He feels zinc is showing some more weakness as compared to all the other base metals in the pack. Shah adds, “Zinc could be used for shorting purposes selling at Rs 100 per kilogram levels with a stop loss of Rs 101 per kilogram for a target of Rs 98 per kilogram.”