Shreekant Jha of PJ Commodities feels that gold declined yesterday and came down to Rs 29,700 per 10 gram levels. So, today he feels on the retracement it would be good position to sell into maybe around Rs 29,800 per 10 gram levels and cover it around Rs 29,600 per 10 gram.
Ashish Shah of Sushil Finance believes that resistance continues for gold near Rs 30,050 per 10 grams unless and until there is a closing above Rs 30,200.
For intraday trade Reena Walia of Angel Broking recommends buying MCX crude oil July contract around Rs 4,490 per barrel levels with a stop loss below Rs 4,430 per barrel for an upside target of Rs 4,690 for today‘s trade.
Shreekant Jha, Managing Director of PJ Commodity Ventures thinks that unless gold moves beyond the Rs 29,700, it is still a sell. Based on that he recommends selling gold around the Rs 29,500 levels and we could probably get targets of Rs 29,300 or even Rs 29,000.
Reena Walia, Senior Research Analyst - International Commodities at Angel Broking expects precious metals to trade on a positive note in today‘s trade. So she recommends a buy in the MCX gold June contract around Rs 28,900 per 10 grams levels.
If an investor is short on gold that is if you have got into gold at the Rs 29,100 per 10 grams levels, then Shreekant Jha, Managing Director of PJ Commodity Ventures recommends remaining short, hold on to those positions and then probably cover it at the Rs 28,600 per 10 grams levels. He feels that gold is weak and it is declining in value.
Shreekant Jha, Managing Director at PJ Commodity Ventures feels that crude has started coming down and it is very close to the levels we were talking about which is Rs 5,000 per barrel. So he suggests hanging on to the short positions and perhaps booking profit around Rs 5,000 per barrel levels.
Reena Walia, Sr. Research Analyst - International Commodities at Angel Broking expects gold prices to rise from an intraday perspective and for today‘s trade she recommends buying MCX gold June contract around Rs 28,900 per 10 grams levels.
Shreekant Jha of PJ Commodity Ventures thinks that crude didn‘t do anything much and it moved in a very narrow range. He reckons that crude didn‘t even go back to retrace on the Rs 5,400 per barrel levels.
From the commodities space, CNBC-TV18 brings in three experts who give their views on gold, zinc and silver. Find out how you can trade them today.
Experts tell CNBC-TV18 that traders should look at going long on gold, copper and crude today.
Reena Walia, senior research analyst of international commodities at Angel Broking is advising investors to sell February MCX gold contract around Rs 27,200 per 10 grams with a stop loss at Rs 27,400 per 10 grams.
The overall market sentiments have improvement. The optimism of the US economic recovery could support the precious metals like silver and base metal prices today. Reena Walia of Angel Broking recommended a buy on MCX silver March contract around Rs 53,000 per kilogram levels.
Kaushal Jain, assistant vice president of Dani Commodities says, “We expect gold to be bullish above USD 1,650 per ounce on the international exchange. Till then, we maintain our bias towards downside. So, every rise could be a sell opportunity.”
India, the world's biggest buyer of gold, today saw subdued demand. However, Reena Walia, senior research analyst of international commodities at Angel Broking expects the overall gold prices to cut due to the downside pressure.
Reena Walia, senior research analyst of international commodities at Angel Broking suggested a buy on MCX crude oil November contract around Rs 5,160 to Rs 5,170 per barrel levels. However, Angel Broking is a little bearish on gold.
In an exclusive interview to CNBC-TV18, commodity experts share their views on how the commodities will perform going forward and what strategies should investors follow while trading them.
In an exclusive interview to CNBC-TV18, commodity experts share their views on how the commodities will perform going forward and what strategies should investors follow while trading them.