Traders likely to book profits in gold, silver: Dani Comm

Kaushal Jaini, Assistant Vice President, Dani Commodities expects to see some profit booking in gold and silver in the current expiry. He said, "Rollovers from the current contracts could push the gold prices for a profit booking level because gold is currently near all time highs.

He sees Rs 22,700 as a good buying opportunity in the October contract. Silver is expected to see a pullback till Rs 57,000-55,000 level and it would be sell on rallies for silver, he added. Below is the verbatim transcript of Jaini's interview with Ekta Batra of CNBC-TV18. Also watch the accompanying video. Q: What is your strategy on Nickel? A: In the base metals pack, we expect to see some pull back rally in Nickel. We are seeing some good buying happening at Rs 1,082. Nickel has broken an immediate resistance of Rs 1,105, so there could be some pullback rally till Rs 1,020-1,025 levels. I expect buying on dips in Nickel and Rs 1,105 level could be a good buying opportunity. Q: Do you think that there could be some tempering in Gold and Silver as well? A: We see some profit booking in gold and silver. Silver seems to be more on sell on rise trend at current levels because Rs 60,500 seems to be an immediate top. We expect silver to do a pullback till Rs 57,000-55,000 level and it would be sell on rallies for silver. The momentum looks weaker for Gold. We expect some profit booking in the current expiry which is around the corner. We could expect some rollovers from the current contracts to the future months contracts. These rollovers could push the prices for a profit booking levels because gold is currently near all time highs. Nevertheless Rs 22,700 in the October contract would be a good buying opportunity.