Intraday Trading Levels for Sept. 16, 2011

Gold comex: expected intraday trading range is between 1740-1805 currently trading at 1766, as per 240 chart gold has broken support line of descending triangle that is suggesting gold may fall till 1680-1660 zones in near term and few days ago we have already seen a double top reversal pattern in gold these all reason are suggesting that gold is getting ready for hell. For intraday trading 1790-95 range is looking very good resistance area above 1805 if gold manage to hold then bulls can enter in streets and they may take it up to 1818-22 zones during the day. Trader can use sell on rise strategy for day trading we are expecting a bounce till 1790-1800 zones. 1^st major support for the day is 1740 further down side will take place only below this level. Immediate support seen at 1760 below 1760 it will open for 1745-40 zones during today’s trading session.

Silver comex: intraday expected trading range is between 38.60-40.50 , currently trading at 39.51and 39.20 is looking very good support for now we are expecting a reversal from these levels and rise may take it to 39.90 if silver manage to hold above 39.90 then a upside expected till 40.50 maximum. Trend is down and 41.60 is a very stiff resistance for this trend so trader can use rise for short selling we are expecting 38.60 is intraday and 37 as very short term and 31 is as midterm targets in silver. But as per current prices buying will be good with stop of 39.20 and targets for this trade will be our said resistance levels.

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