Bullion Intraday trading range Nov 23, 2011

Gold: yesterday nice rebound seen in gold from bottom line of 1666 and nicely jumped till 1705.49 our 2nd target of 1710 just missed by $5. Currently trading at 1707.65, day trading range will remain between 1660-1730. Immediate resistance seen at 1715 penetration above 1715 would signal intraday rise till 1726-1740 zones. Important level to watch for today is 1727 closing above 1727 would confirm short term reversal and 1665 will remain important support and gold will try to resume up trend for targeting 1925 and more in midterm. Immediate support seen at 1695 breach of this less likely, but would signal 1685-1675 for the day. Sell trade possible with strict stop loss of 1727 best selling zone around 1715. Above 1727 if gold manage to hold then don’t remain short in gold.

Silver: currently trading at 32.58, intraday trading range will remain between 31.40-33.90. Immediate support seen at 32.30 below this 32 will act as very important support below this no major support till 31.30. Immediate resistance are 33-33.30 above 33.30 no major resistance till 34$ closing above 34 would confirm short term recovery and retest of upper band around 35-37 will be on cards. Buying around 32$ will be a good trading idea for the day trader can use 31.80 as stop loss.

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