Bullion Intraday Road Map for Dec 14, 2011

Gold: currently trading at 1636, expected trading range will remain between 1560-1670. Gold made 1622.88 and nicely turned back from our yesterday’s said support area. Yesterday we wrote till gold trading below 1703 it is likely to taste 1632-1620 zones and gold made 1622.30 for that trading session. On short term time frame trend is still weak and gold is likely to taste its long term trend line support that is around 1570-1560 zones. Intraday very short term charts reached in oversold zones that are suggesting some recovery can’t be ruled out till gold trading above 1620 for the day. Intraday resistance seen at 1650 above 1650 will try to retest yesterday’s high that was around 1677 and 1682 will remain key resistance above that closing on daily basis would signal a short term consolidation between 1600-1800.

Silver: Currently trading at 30.90; expected day trading range will remain between 30.50-32. Yesterday silver nicely turned back from expected support of 30.50 after making a low of 30.55 where we were expecting 30.50 as key support for silver, trend will remain down but due to over sold reading in technical indicators suggesting a very short term recovery can’t be ruled out that may take it to 31.40-32. Key resistance will remain at 32.40 above that short term consolidation expected between ranges of 30-35 otherwise silver is likely to taste 29.60-28.60-26.70 in short to midterm.

Click here to read our USDX forecast that was posted on October 26, 2011 and now check dollar index it is nicely shooting up as per our expectations.

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Nifty Struggles at 24800: What Options Data Tells Us About Market Direction

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