Himanshu Gupta, vice- president and head of commodities & currencies research at Globe Capital discusses, spoke to CNBC-TV18 about the current trends in the metals market.
Talking about precious metals such as gold, Gupta said, “I expect the gold prices to stay lower in today’s session. Prices, in the international market they have been finding a stiff resistance around USD 1,215 and stronger rupee in the domestic markets is also putting pressure on the gold prices. So, the trading strategy for the day is to go short in gold prices October month contract around Rs 30,600 for a target of Rs 30,350 and a stop loss above Rs 30,700 would be recommended.”
Himanshu Gupta’s second pick from the base metal pack is Zinc. “We have seen select base metals recovering from the lower levels ahead of the trade talks between US and the China. We have also seen China posting some strong industrial production under retail sales number so I expect broadly the base metals counters to show a strong recovery and Zinc in particular is recommendation for the day.”
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