Bullion Road map for Nov 17, 2011

Gold: Currently trading at 1760, like yesterday intraday trading range will remain between 1745-1790. Trend will remain sideways till trading in this range break below 1745 would signal a decline till 1725-1705 but 1680 will remain a key support for short term. Immediate resistance seen at 1770 above 1770 intraday next resistance at 1790 that will be act as key resistance.

Currently trading near support area so here is a good chance for risk lever to entering in longs around 1755-60 range with stop loss of 1745 for expected rise till 1770-1785 for the day.

Silver: currently trading at 33.80, intraday trading range will remain between 33-34.60. as per my yesterdays road map silver was not able to cross said support of 33.60 and resistance of 34.60 nice movement seen between my said range. On daily basis 33 is very important to watch if close below 33 then this short term trend will fail and silver may fall till 30.50 and more down side. Intraday 33.50 looking good support trader rebound can take place till 34.10-34.50 before further down side break below 33.50 would take it to 33-32.90 but for major down side it need to sustain below 33 for some time. And closing below 33 will be added advantage for bears.

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