Bullion Intraday Road Map for Dec 06, 2011

Gold: currently trading at 1713.29, trading range for the day will remain between 1665-1735. Immediate support seen at 1698 and resistance placed at 1725 till gold trading below 1725-27 zones its likely to taste 1698-1665 zones during the day. Above 1725 major resistance seen at 1737 if manage to hold above 1737 then trading range will remain open for 1755.

Recommendation: buying around 1703-1705 would be a good idea with stop loss below 1698 on 240 minute closing basis for targeting around 1724-1734 for the day.

Silver: currently trading at 31.95, day trading range will remain between 31-33. Immediate resistance placed at 32.20 above that area would take it to 32.50-33 major resistance seen at 33.10 above that it will turned in to bull’s zones otherwise looking week and it is likely to taste 31.30-31 zones during the day. 30.50 will remain important support and a break below this level would confirm a decline till 29.60-28.20-26.70 as per daily chart silver is already weak as per my previous post as it has broken support of rising wedge support line and suggesting silver is likely to taste 26.70 after a break below 30.50 on daily basis.

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