Precious metal gold slid further in yesterday’s trade as global equity markets marked gains. Gold, which is down 5.5% now, was benefited as an alternative asset from recent economic slowdown and consequent stock market losses.
Our experts, however, feel that the structural uptrend in gold prices is likely to continue unless there is a sharp correction, which may hit the metal after this month’s record run.
Gold margins have been raised 27% on CME’s Comex.
We expects to see further downside of Rs 200-250 in gold from present levels.
Recommend : going short in gold at Rs 26750 per 10 gram with a stop loss of Rs 26890 per 10 gram. We also expect prices to test Rs 26250-26300 per 10 gram.
We suggests buying natural gas at around Rs 184-185 per mmbtu with stop loss below Rs 180 per mmbtu.
Recommend: looking for targets close to Rs 190-19 per mmbtu.
We recommends to go short the August contract of nickel on MCX at levels of Rs 983-987 per kg with a stop around Rs 1000 targeting Rs 940-90
Source: www.indothai.co.in
Indo Thai Securities Ltd 