Bullion intraday Road Map for Dec 12, 2011

Gold: currently trading at 1708.99 intraday trading ranges will remain between 1700-1727. Important support for the day and week will remain at 168 failures would signal a primary down trend till 1680-1665 areas over very short term time frame. 1716 will remain minor resistance for the day where major resistance seen at 1728 above 1728 an advance till 1742-1755 areas can’t be ruled out. Weekly trading range will remain between 1660-1765. Our intraday outlook will remain bearish and break below 1698 would supply some more power to our bearish view. 1705 will remain important to watch on 240 minute closing basis. Closing below 1708 on 240 minute closing will be open invitation to bears.

Silver: currently trading at 31.75, day trading range will remain between 30.50- 32.40. Today silver made day low 31.38 during Sydney session and returned back from important support area of 31.35. Today also 31.35 will remain important to watch, break below this will confirm intraday down side till 30.70-30.50. Support areas around 30.50 will remain important to watch on 240 minutes closing basis. Closing below 30.50 on 240 minutes basis would completely washout bullish expectations and will open the door for our down side targets as written in our THURSDAY,NOVEMBER 17, 2011 post. Immediate resistance seen at 32.40 above that it will open the door for 32.80-32.30 but there are many hurdles for upside so break above 32.40 is less likely.

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