A: No, I think the markets are very rangebound. We can’t really say about anything particular to happen right now. But I think, yes, overall trend for the precious metal, particularly gold looks to be bullish because of the negative bias on the dollar index. So I think buying opportunity can be recommended on gold.
Gold is trading at around Rs 18,400 per 10 grams levels or so. It can be in the range of around Rs 18,350 to Rs 18,455 per 10 grams levels during the day. The major stuff is going to happen sometime in the evening. You get some kind of a negative data base coming in today then you can see the market pushing it to a level of around Rs 18,570 per 10 grams in the Indian markets. The level for the dollar terms would be around USD 1,217-1,220 per ounce levels for gold.
Q: How would you look at natural gas right now?
A: Natural gas looks to me a little bullish, not much of the action that you are going to see. It is going to take cues from what is happening on the crude oil price. Overall, we see the markets will be little bullish on the natural gas. As of now the natural gas is quoting at around 217-210-215 levels. We are seeing support at around 213-213.50 and the upside is expected to be around 220 levels or so.
