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Bullion intraday road map for Dec 19, 2011


Gold : currently trading at 1591.90 intraday trading range will remain between 1560-1640. Immediate resistance seen at 1604.80 if manage to hold then it would signal intraday rally till 1620-1625. Key resistance for week seen at 1716 above that some consolidation expected for short term otherwise down trend will remain continue. 1560 will remain key support for daily and weekly basis weekly close below 1560 would offer down side target till 1470-1440. Intraday immediate support seen at 1580 break would signal retest to 1560 would offer down side target 1535-1470 for coming days. Trend will remain down till trading above 1560 rebound can’t be ruled out till 1620-25 area. Till trading below 1605 sideways moment expected between 1560-1600. Seller can use 1605 as stop loss for now if want to go short for expected targets till 1583-1565

Silver: currently trading at 29.06 expected trading ranges will remain between 28.40-30. Silver is facing very stiff resistance at 30 nice selling pressures seen on Friday from high of 29.91 and defined very strong resistance at that area now till silver not manage to cross that resistance zone not further upside expected and down trend will remain continue for the day and will try to taste 28.55-28.40 zones. 28 will remain key support for week and day breakout suggest down side target 26.70 in very short term. Immediate support seen at 28.95 breaks would signal retest of 28.50-28.00 zones. immediate resistance seen at 29.30 break would signal retest to 30 zones for the day.

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