Overall trend looks to be positive for gold: Naveen Mathur

ET Now spoke to Naveen Mathur, Associate Director, Angel Commodities, on his views on the market.


ET Now: Gold has seen a bit of gains in the international markets holding around 16700-16800, and has gained in the Indian markets as well. Would you be a buyer?

Naveen Mathur: Definitely yes. Overall trend looks to be positive for gold. Intraday positions, yes, definitely buying levels to be recommended at. Overall with this Euro stuff happening and with the dollar weakness, which we are going to see for next one or two days, the trend should be on the upside for both the international markets and the Indian markets on the gold.

The dollar level today, which is quoting at around 1155 or so holds good and the buying opportunity can be recommended at the lower levels, the support levels to an extent of 1150-1140 in the higher levels on the resistance to be around 1170-1175 or so. Overall, the trend looks to be positive with respect to the markets per se.