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Bullion Intraday Roadmap for Dec 22, 2011


Gold: currently trading at 1609.26 expected trading ranges will between 1580-1645 with sideways trend. Immediate support seen at 1605 break will take it to 1592-1582 for the day. 1682 is looking key support, if manage to hold below 1582 for some time then it will try to move towards 1565-1530 zones. Immediate resistance seen at 1620 break above 1620 will open the doors for 1640-45 zones 1642 will act as key resistance for the day. If manage to hold above 1642 for some time then it would signal a rally till 1665-85-1705 in near term. As per current scenario 1605 is important to watch for intraday down side.

Silver: currently trading at 29.12 trading range will remain between 28.50-30; trend will remain bearish for the day. Immediate support at 29 breaks will signal retest to 28.80-28.50 key support at 28 breaks will signal another fresh bearish move that will take it towards 26.70 that is our long awaited target for this downtrend. Immediate resistance seen at 29.30 breaks would signal upward move till 29.55-29.60 area. If manage to hold above 29.60 then retest to 30-30.20 can’t be ruled out 30.20 will remain key resistance breakout would signal rally till 30.50-30.80 for the day. 
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