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Bullion Road map for Nov 16, 2011


Gold : current price 17658.20, day trading range will remain between 1745-1800. Yesterday gold was not able to cross 1788 my said resistance area and nice selling seen from upper band of trading range.  Immediate support 1765 below 1765 It will try to taste 1755-45 area below 1745 some sharp decline can’t be ruled out. Till gold not closing above 1805 I m still expecting 1705 in coming days. 1788 will remain key resistance for the day above this 1800 and more upside can’t be ruled out. Immediate trading band seen between 1765-1788 breaks above and below these range would confirm further trading range for the day.

Silver: currently trading at 3423 day trading range between 33-35. On daily chart MACD getting ready for bearish cross over near 0 line is suggesting a break below 33 would signal resumption to down trend and fall till 30.50-28-26-23 can’t be ruled out in coming days. Intraday immediate support seen at 34 below 34 it will try to taste 33.60-33 area for the day. Resistance seen at 34.27 above this it will try to taste 34.60-34.90 are but 3490-35 range is very crucial resistance for the day.
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