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Intraday Trading Levels for Aug 24, 2011

Gold comex:
expected intraday trading range is between 1790-1900, yesterday nice profit booking seen at the top of this swing as we were expecting yesterday morning. Currently gold is trading at 1846.30 immediate resistance seen at 1859 above this rise may take place up to 1872-75 and 1895 has become a big rest for now in gold and down side 1st expected support seen around $1812 and 1790 for the day over all gold may fall till 1765 zones during this swing midterm trend is still bullish short term correction may take place till 1770-65 area but failure of midterm trend is possible only below 1715 if gold manage to close below this level.

Silver comex:
Intraday trading range is between 40.50-43.80, silver has recently formed a bullish breakout above 41.80 and made 44.22 high for this swing following by a selling pressure due to profit booking. Now we can expect 41.70 as intraday support if fails to hold this support then next expected strong support for the day is 40.50 a failure below 40.50 may take it to 39.30 and more down side till 36 in short term. Currently trading at 41.91 immediate resistance seen at 42.60 above this zone silver may rise up to 43-43.20 during the day and 43.60 is looking big res. for the day. Yesterdays selling pressure may continue today also selling on rise will be good idea. Said resistance can be use as stop loss and our said support area will be target for sellers. Trader can buy on decline around 40.50-40.70 with stop loss of 40.30 a rise may take place from that level.

Crude oil nymex:
Expected intraday trading range is between 89-83, currently trading at 85.20. Immediate resistance seen at 86.50 zones further upside only possible if crude manages to hold above that level otherwise intraday selling may take place. Major intraday support seen at 83.30 if crude manage to hold below this then selling may continue till 81.50 and more down side a failure below 79 will signal resumption to its preceding down trend for midterm.  Avoid buying till not manage to hold above 86.50 during the day.


Gold mcx:
Expected intraday trading range is between 26800-27800, yesterday nice profit booking seen after a life time high of 28284 we are expecting that yesterdays selling pressure may continue today also and gold slide may continue till 26850-26500 during this correction. As per intraday chart immediate good support seen at 27320 further down side will take place only below this level till gold trading above this important level we can expect a rise till 27500-27700 during the day. Selling on rise will be good idea for traders and 27800-28000 levels are looking strong hurdles for this bearish move. Trader can hold their previous shorts with intraday safe stop loss of 28050 and our expected support will target for sellers.


Silver mcx:
Expected trading range for the day is between 61500-65500 , a good  profit booking seen in silver yesterday after a bullish swing from 56785 to 66625. That is suggesting a very short term correction in silver. As per intraday trading strategy silver has define a recent support at 63000 that is very crucial level and a good psychological level also, if silver manage to hold below 63000 for more than 30 minutes then intraday fall may take place till 61800-61500 zones but 62400 zones also  can act as good support. Very short term trend is down so trader can go short on rise around 64300-64500 marks. We are expecting a intraday rise till that levels 65500 looking very stiff resistance for the day. Upside levels to watch as resistance are 64000-65700.
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