The yellow metal suffered the steepest single day fall by plunging Rs 1,540 to Rs 25,800 per 10 gram in opening trade today on panic selling by stockists after a meltdown in global bullion markets. Gold has been selling off in the international markets too, trading close to USD 1600 per ounce.
Safetrade Advisors' chief executive officer N Prasad feels that we need to wait for some bounces later in the day when Europe settles down and American market come into play. He told CNBC-TV18 that he has a longer bearish view because the gold and silver bubble has busted. He indicated that gold can see some bounces; it would be wise to those bounces to sell again.
However, Prasad would be a clear cut seller for crude with a stop loss of USD 83 per barrel internationally and around Rs 4,100 per barrel in India. "I would short crude around Rs 3,950-3,960 levels with a target below of Rs 3,760 per barrel in this week." he added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
