Intraday Road map for bullion Oct 31, 2011

Gold comex: gold has broken out short term resistance of 1700 and nicely rallied up to 1752 during last week. We were expecting 1750 zones as a good resistance. Today nice selling pressure seen near resistance and gold made a low of 1705.99. Currently trading at 1712. Intraday expected trading range will be 1660-1750. Immediate resistance around 1733 a break above 1733 area will open it till 1750-1785-1800 but break above resistance of 1733 is less likely. Immediate support seen at 1695 a failure below 1695 would confirm a decline till 1678-1668 zones for the day selling on rise can be a good decision for the day. 1695 will be an important level to watch respect would confirm a primary rally till 1800 and more in very short term. Long term trend will remain bullish.

Silver comex: silver has also broken out the upper band of 33 and headed 35.60 marks during last week. But 33-32.80 zone will remain important support for now a respect would confirm a primary rally till 37.50-39 in coming days. Intraday trend will remain down 35$ will act as intraday important resistance and respect would confirm a decline till 34-33 area. Intraday expect trading range between 33-35. Intraday trend will remain down 35 will be act as good immediate resistance. But failure of this swing will confirm only below 33 other wise this new short trend will continue and buying on decline near support area will be good idea. Intraday trader can sell on rise around 35 with stop loss above 35.30 ranges for expected target around 34.30-33.60

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