Short Gold between Rs 29800-29900; target Rs 29400: NBang

Nirmal Bang's report on metals & energy

Gold price are facing tout resistance at 30150 levels and we believe that the prices are likely to trigger sell off in the gold prices. So we recommend to go short between 29800-29900 with s/l above 30150 target 29400-300. Silver prices have witnessed a significant breakdown and continue to trade below 48200 so sell on rise strategy should be applied for the day. Sell silver between 47800-900 s/l above 48500 for the target 47400-47000. Copper price have been taking support to the trend line and breached the important resistance i.e. 454.2 looks to trade positive for the day. Buy copper between 456-455 s/l below 452 target 463-465. Nothing different happening in Nickel prices which are expected to trade range bound for the day should be trade between 870-890 for the day. Lead prices are trading range bound between 133-136 and on Friday it closed positive at 136 so it believe that the prices may test 137-138 for the day if it continue to trade above 136. Crude oil prices are started taking support at 5800 and bounced back we believe the crude oil prices are likely to trade positive in the short run and test 6100-6150. buy on dips for the day. (Prices in Rs.) Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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