Bullion Intraday Road Map for Dec 07, 2011

Gold: currently trading at 1729, day trading range will remain between 1700-1765. Yesterday nice rebound seen from our expected support and made 1732 day high. Immediate resistance seen at 1735 above that 1747-1763 would be next resistance. 1763 will remain very important resistance for the day. Immediate support seen at 1720 below this range a retest of 1710-1700 zones is likely but important support will remain 1698 and penetration below this level would signal fall till 1660-1635.

Recommendation: our yesterday's buy trade will remain valid till our said target of 1734 now trader can use 1718 as trailing stop loss for their longs. Above 1735 if manage to hold then trader can use our extended target till 1746-1753 for the day.

Silver: Currently trading at 32.57, day trading range will remain between 31.50-33.50. Trend will remain bullish minor resistance seen at 33.10 penetration above said resistance would signal an upward move till 33.60-34-35.20 levels in very short term. Immediate support seen at 32.40 failures would signal retest of 31.80 zones major support will remain at 31.50 break would take it to 30.80-30.50 area. 30.50 will remain strong weekly support and this swing will remain open for 35-37 in coming days.

Recommendation: Buying on decline around 32.00-32.20 for targeting around 33.50-35 with stop loss below 31.60 on 240 minutes closing basis.

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