Gold prices to correct further, right time to buy: Experts

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Gold prices to correct further, right time to buy: Experts

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After breaking all its previous records, precious metal gold, fell 2% on Tuesday as global equity markets bounced back and marked gains. Experts feel that since gold prices are correcting, it is a right time to go for gold.

Also read: Gold down 2% on profit-taking as Wall Street rises

Kunal Shah, research analyst – Commodities, Nirmal Bang Commodities too feels that gold prices can correct further and he continues to remain bearish on gold for short term. One can sell gold at Rs 27600 per kg with stop loss at Rs 27780 per kg and expect prices to drift and test levels of Rs 27350 per kg or Rs 27300 per kg, advised Shah.

As far as copper is concerned, Shah believes the upside in copper future is likely to get capped considering weak US housing numbers and the way the Chinese trade data has disappointed the markets. I look to sell copper at Rs 407-408 per kg, stop loss at Rs 412 per kg and expect prices to test Rs 398 per kg, he added.

Ashok Mittal, CEO, Emkay Commodities believes that base metals pack have shown some kind of stability and firmness. He expects that base metals should remain firm for the rest of the week. I am sticking with the view on copper in terms of buying; I recommend buying copper on MCX somewhere near Rs 402 per kg keeping a stop loss of Rs 399 per kg and target should be Rs 408 or Rs 410 per kg.

Kishore Narne, vice president at Anand Rathi Commodities suggest selling nickel on rallies towards Rs 980-985 per kg with stop loss of Rs 1013 per kg and target close o to Rs 920 per kg  in medium term targets.

Rajini Panicker, head of commodities research at MF Global Commodities India, recommends going long on September silver MCX on declines to Rs 63500 per kg stop around Rs 62700 per kg. He added that the target for this trade is seen around Rs 66000-67200 per kg.

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