7/31/2019 Commodity_882012123638PM

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TALK SHOW

2

Gold futures fell sharply in the late evening

session yesterday. What your outlook for the

yellow metal?

We are bullish on precious metals and expect

Gold prices to move up from present levels.

Because of weakness in Eurozone the money

flow will get diverted to Dollar Index which is

facing some resistance at present levels. So the

other asset class where investors would like to

park their money is Gold. We are expecting

Comex Gold to touch levels of $1630 and if it

breaks this level and close above, then furtherappreciation can be seen till $1670 in next one

to two months. As far as MCX levels are

concerned, Gold is expected to

touch levels of Rs 30,400 and

31,000 soon.

How do you see the base metal

panning out in the near term?

We continue to hold our bearish

view on base metals for next one to two

months with a minimum correction of 5% frompresent levels. However, if Eurozone troubles

continue for the next few weeks then a 10%

correction across base metals can be expected.

In this correction, we are expecting Copper

prices to touch levels of 390 and 370, Nickel if 

closed below 860 levels, a sharp correction can

be expected till 775 levels.

Brent crude futures have firmed up over the

past few days. Do you see this trend

continuing?The trend for crude is weak and there should

be a correction of 5 to 7% from present levels

i.e. prices can correct from the levels of $105-

106 to $98-95 in next few weeks.

Natural gas futures dropped almost 8%.

What are the levels to look out for?

Natural gas has given a sharp upside rally for

the past few months with prices moving up

from Rs 100 to Rs183 which is a return of 

approx 80% in two to three months. As the

upside rally was sharp we may see a

consolidation at current levels. Overall NaturalGas can move in a range of Rs 30 i.e. Rs 150 on

downside to Rs 180 on the upside.

Cardamom futures closed at lower

circuit, on profit-booking after

hitting upper circuit in past 3-

sessions.What should one do?

Technically, Cardamom has been

moving up from past two months.

We have seen prices moving up from Rs 900

to Rs 1500, i.e. a return of over 60%. But atpresent levels it is highly overbought and so

a correction on cards. So any rise in price

from present levels should be used as selling

opportunity for the target of Rs 1300 and

1150. If Cardamom breaks and closes below

1150 levels than an extended downward rally

can be seen till 1050 and 940 levels. For long

term, rise in prices till Rs 1430 or 1450

should be used as selling opportunity for a

target of Rs 1300 and 1150. We maintain our

bearish view in Cardamom for next two tothree months.

SumeetBagadia, Head(Commodity andCurrencyResearch),Destimoney

Securities spoketo Jinsy Mathewon commodityoutlook 

As far as MCX levelsare concerned, Goldis expected to touchlevels of Rs 30,400and 31,000 soon

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Chetan Jain, Asst Manager, Derivatives Desk,(Retail Research), Anand Rathi

Nifty medium support is lkey to placed

around 5000 psychological levels where

maximum put OI is witnessed to the tune

of around 10mn shares where as on

upside resistance is at around 5400-5500

zone.

Salil Sharma, Technical Analyst, Partner,kapursharma.com

The markets should hold on to the

current levels and is not likely to slip

below 5,100. Salil Sharma : On the

downside the support is at 5,170. If it slips

below then important support is at 50-

DMA

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‘We are bullish on precious metals’