Intraday Trading Levels for Oct 10, 2011

Gold comex: gold is still bounded in a range of 1595-1680 a clear move will occur only after breakout of these ranges. Gold was not able to break 1625 mark during Friday fall as we were expecting 1625 area is good support zone and gold made 1626.20 as day low and nicely jumped from our said support area. Today expected trading range for gold is between 1600-1680. Immediate resistance seen at 1655 a break above 1655 will take it to 1664-1675-78 zones. Immediate support seen at 1645 a failure below 1645 will again take 1632-25 zones. 1625-23 area is looking good support zone if gold manage to break 1623 level with volumes then a retest of 1608-1603 zones possible for the day. Buying above said immediate resistance will be good idea otherwise avoid buying.

Silver comex: as I wrote on Friday that till silver trading below 32.50 looking weak and a retest of 31.30-30.80 zones is possible and during evening session a nice slid seen in silver and silver made 30.70 as day low during the day. Now 32.60 zones are looking as very stiff resistance zones further upside possible only above that range. Immediate resistance seen at 31.90 a retest of 32.50-32.70 range possible above 31.85 other wise silver looking weak and 31.30 a nice selling pressure can appear in streets and silver may try to head towards 30.50 zones during the day below 30.50 a failure will occur in this swing and down side targets till 28$ will remain open for silver. 33.50 is a level that will act very important level on weekly basis also. If silver manage to hold above 32.50 area on daily closing basis then consolidation range will remain open between 30-38 for coming days.

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LET THE MARKET TELL WHO WE ARE

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