Bullion Intraday Road Map for Dec 05, 2011

Gold: currently trading at 1748.62, expected day trading range will remain between 1732-1763. During Friday trading session gold defined a pivot high at 1762.90 and dropped nicely due to supportive unemployment rate. As per current scenario gold having very strong support at 1732 break of this level is less likely but would signal a down trend will 1718-1700 during very short term. 1755 and 1763 levels will remain important resistance for the day. Above 1763 intraday rally possible till 1773 penetration above 1773 would signal a upward move till its key resistance of 1803. Key support will remain at 1698 for entire week and trend will remain sideways.

Recommendation: Gold will remain weak till not closing above 1755 levels on 240 minute basis. Selling would be a good idea with stop loss above 1755 (240 min closing basis) or 1763 as final stop loss for downside targeting around 1735-1719-1705.

Silver: currently trading at 32.73 trading range for the day will remain between 32.30-33.70. Breach of support zones 32-32.30 is less likely and rally may take it to retest of intraday resistance of 33.60-33.65 zones. Penetration above 32.70 would confirm an advance till 35-35.50 zones for this week. Immediate resistance seen at 33.10 and support at 32.30 break below 32.30 would neglect bullish view for very short term and door will remain open for 31-30.50 for week.

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