Intraday Trading Levels for Aug 31, 2011

GOLD INTRADAY

Gold comex:
expected trading range for intraday is between 1780-1860, consolidation with positive bios expected during the day. Immediate resistance seen at 1840 if manages to hold above 1840 for few minutes then rally may take it to 180-62 zones. But if today gold manage to hold and close above 1860 then it will be ultimatum for gold bears for new rally a minor resistance expected at 1914 after 1860 above 1914 a fresh rally may take it up to 2035 and more upside in very short term. After looking at intraday charts immediate support seen near 1810 a failure below 1810 may take it to 1780-1760 zones.

MCX: intraday expected trading range is between 26600-27820, intraday trading expected with positive bios. Immediate resistance seen at 27420 that was upper band of our yesterday’s trading range. Above 27420 we are expecting rally may continue till 27800 and more upside a failure below 27100 can take it to 26960-26800.

Silver Intraday:-

COMEX: expected intraday trading range is between 40.50-42.60 with positive bios. Immediate intraday resistance seen at 41.80 once if silver manage to hold above 41.80 then a rally will try to lead towards 42.40-42.80 but a daily closing above 42.80 will be ultimatum for bears and silver may lead towards a new rally for new life time highs but 48$ is itself a good resistance before new life time highs. Intraday immediate support seen at 40.80 below 40.80 a fall we will see till 40.40-40 during the day.

MCX: Intraday expected trading range is between 60600-62700 with positive bios. Previous close was at 62199 as per these levels we are expecting 62800 as a good immediate resistance in silver above this rally will take it to 63400-63800 during the day. Upside important level to watch is 64200 daily closing above that will confirm the resumption of previous bullish wave and silver may head towards 6800-70000 in near term. intraday imitate support seen at 61900 below 61900 we will see a fall till 61600-61200 buy in dips will be good idea then selling a break above 62800 will confirm our bullish view on silver.

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