Bullion Intraday Road Map for Dec 01, 2011

Gold: currently trading at 1744, expected trading range will remain between 1700-1792. Yesterday gold nicely shoot up from our expected support and lower band of the day trading range around 1698 and printed 1750 as day high. Today we can see some selling pressure in gold important resistance zone will be around 1751-1753 for the day till gold not closing above 1753 on 240 min basis intraday selling can’t be ruled out. Intraday major support seen at 1726-1698. Till gold trading below 1751-53 zones a retest of 1726 zones possible during day trading. 1720-18 zones will be important to watch hourly 2 or more hourly close below 1718 would confirm decline till 1705-1700 zones but major trend change possible only below 1698 4 hour closing basis that will open down side trading range till 1660 and more down side.

Silver: currently trading at 32.66. Intraday trading range will remain between 31.50-33.10. Yesterday as we have discussed about descending triangle breakout in previous post silver nicely broken above 32.30 and shoot up 32.91 where 33 was our expected resistance line now silver till trading below 33.10 it may fall till 32.30-32.20 areas during the day. Immediate support seen at 32.50 below 32.50 fall will start otherwise retest to upper band of day trading range can’t be ruled out. Above 33.10 intraday rally may take it to 33.50-33.90 above 34 silver will open the door for 36-36.40 in short term. 31 will remain important support on short term basis.

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LET THE MARKET TELL WHO WE ARE

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