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Intraday Trading Levels for Aug 30, 2011


Gold:- 
COMEX:  Intraday expected trading range between 1840-1750,  yesterday gold made high of 1837.85 with gap up opening and as I have discussed earlier that 1835 zone is a key resistance zone, that’s why gold was not able to manage above that level and a nice selling pressure too from the top today also we are expecting negative bios in market and a retest of 1750-55 expected during the day. 1735-40 zones are looking very good support zones trader can take chance with buying around 1750-500 zones with a tight stop loss of 1735. If gold manage to hold below 1735 then more seller will enter in market and we can expect a sharp down move till 1690-1680 zones. 

MCX:  expected intraday trading range is between 26200-27400, a nice immediate support seen near 26430 zones  below this we can expect a dip till 26100-26000 during the day, where important immediate resistance placed at 26850 above 26850 gold may move upwards till 27000 and 27050-27100 zones are also good resistance zone if manage to hold above that then intraday rally may take it to 27400 . overall 26000 zones still looking a very good support a break below 26000 will again take it to 25500-25300 zones. 






Silver
Comex: intraday expected trading range between 39.50-41.50, trading expected with negative bios and failure below 40 may invite intraday sellers and counter can try to head towards 39.40-38.80 for the day but major fall expected only if silver manage to hold below 39.50 for some time, immediate intraday resistance seen on 41$ above this intraday move can take it to 41.50-41.80 but further upside will confirm only if manage to hold above 41.50 for some time. Silver comex currently trading at 40.65 and taking a good support of 40$ aggressive trader may go long with stop loss of 40$ if manage to hold above 41 then rise will take it to 41.70-41.80 zones.   


Mcx : intraday expected trading range is between 59700-62700 , some negative bios expected in market mcx silver if manage to hold below 60800 for few minutes then it will invite sellers and silver will try to head towards 59700 and more down side during the day. Intraday immediate resistance seen at 61200 above 61200 silver will try to head 61400-61700 during the day, if manage to hold above 61800 then we can expect a rise till 62700-800 zones during the day. Till silver not trading above 61200 looking weak for the day and down side open till 60300-59700.

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