Good time to invest in gold on a short term basis: N Prasad, Safetrade Advisors

N Prasad, CEO, Safetrade Advisors in an interview with ET Now talks about his investment strategy for gold.

What is your call on gold? We have seen a huge correction, down about 11% in the month of September alone. Do you think these are good levels for investors to get in?

Short term basis, yes. But monthly trend charts have shown some weakness. There is some correction but as far as today, there is option expiry on international side and quarterly ending. They can rise a bit. There can be good short covering. Lot of short positions have built over the last 10-15 days.

Today we can see some covering in gold. On MCX, it is an expiry day. So it is good to buy the December contract around 26100 with a stop loss of 25800. We can see targets of around 26450 to 26500 range. We can see some buying emerging today.