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Bullion Road map for Nov 28, 2011


Gold: currently trading at 1704.93, intraday trading range will remain between 1680-1740. Immediate resistance seen at 1714 range hourly closing above 1714 would signal rally up to 1727-1740 for very short term. Immediate support seen at 1700 failure below 1700 would signal and declines till 1690-1680 zones. Trader can take long positions around 1702-1704 with s strict stop loss below 1697 for expected targets around 1713-1725 during the day.

Silver: currently trading at 31.66, day trading range will remain between 30.50-32.60. Silver is taking very strong support near 30.50 zones and its 2nd time when silver jumped from that support area.  Today also 31 and 30.50 will act as very strong support zones further fall only possible below 30.50 other wise rally may take it to 32.60 during the day. Immediate support seen at 31.30 below this fall till 30.90 zones can’t be ruled out, 30.50 will remain major support for short term. Immediate resistance seen at 31.90 above that intraday rise expected till 32.30-32.60. Buying around 31.30 will be a good idea with stop loss below 30.90 for targeting around our said resistance zones.
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