Buy gold for long term: Ashish Shah

Ashish Shah, Research Head (Commodities), Sushil Finance, talks to ET Now on agro and non-agro outlook.

Are you equally bullish on the precious metals as well, especially gold where we have seen levels like 1800+ in the previous week but of course this week has not started so well?

What the entire market is now looking for this week is, it is a week full of data. We have got large number of international economic data from US, Europe across board all the days, so markets would definitely want to book profits at these levels. Long-term trend is still sideways with a positive bias. We still have momentum on the buy side but intraday one can look at going short right now for a target objective of 28650 to 28700 on the lower side.

One word on copper as well?

On copper, I would suggest to look at buying near 390-394 with a stop loss below 390 for a target objective of about 400 on the higher side.