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Bullion Intraday Road Map for Dec 29, 2011


Gold : currently trading at 1557.55, day trading range will remain between 1530-1595. Trend will remain down. Gold has tasted important support of 1550 and made low of 1549.50 that is suggesting more weakness in this counter. 1559 is an important weekly support that has been broken, signalling down trend will remain continue for 1530-1470-1430. Weekly closing below 1555 will decide farther down side. Intraday resistance seen at 1564 if manage to hold above this mark then rebound possible till 1590-92 but 1592 will be key resistance for the day.

Silver: last traded price is 26.97 expected trading range will remain between 26-28 , today silver made low of 26.73 it has done our long awaited target of 26.70 successfully  and trend is still looking weak. Intraday important levels to watch 26.70-26 break below 26 will supply more power to our bearish view and silver expected till slid till 24-22 in short to midterm. Intraday key resistance seen at 27.40-27.45 zones if manage to hold that level then rebound possible otherwise silver may face selling pressure around 27.45 during intraday rebound. 
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