Intraday Trading Levels for Oct. 05, 2011

Gold comex : intraday trading range is between 1580-1660 , currently trading at 1627.90. Yesterday gold broken rising trend line support of ascending triangle and low made 1595.77 and we were expecting 1595 as 1^st support after break below 1630 now as per this breakout next major support seen at 1502 levels. Very short term trend is down and 1640 is looking very important intraday resistance above 1640 gold may rise up to 1660-65 zones overall counter is looking weak and a retest of 1580 is possible during intraday trading. Below 1580 no major support before 1532-1502.

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