The long-term outlook on gold is bullish, however near-term there will be some more pain,” said Kunal Shah, Head of Commodities and Currency Research of Nirmal Bang Commodities in an interview with CNBC-TV18.
“We are going to see gold prices going down in the near-term. Rs 48,000 per 10 gm are good levels to go short for the downside target of Rs 47,200-47,300 per 10 gm. But the long-term outlook continues to remain optimistic in gold. In near-term we are going to see some more pain in gold, long-term looks bullish,” he said.
Silver prices are going to remain under pressure. “In near-term it can decline and test levels of Rs 67,000-66,500 per kilogram,” he shared.
He believes US and Iran meeting is going to change the outlook on crude.
“Any waiver off of the sanction on Iran is going to lead to the downfall in crude oil prices. At this point, I am of the view that the bias is on the upside. Rs 5,400 per barrel is good level to go long for the upside target of Rs 5,500 per barrel,” he said.
“I am not very bullish from these levels, it can go up from the long-term point of view but I am not recommending to go long positionally for the upside target of USD 85-90 per barrel. I don’t think that is happening,” Shah mentioned.
For the full interview, watch the accompanying video