Bullion intraday roadmap for Dec 23, 2011

Gold currently trading at 1609.70, expected trading range will remain between 1580-1645; immediate resistance seen at 1620 further upside above 1620 possible that will take it 1640-45 range 1645 will remain key resistance above 1645 rally will continue to 1665-85-1705 areas. Immediate support at 1600 if manage to hold then will try to kiss 1592-1582 and 1580 will remain key support for the day break would invite more sellers and 1560-1532-1470 will be next destination after breach of 1560 that is very less likely.

Silver: currently trading at 29.22 day trading range will remain between 28.50-30 immediate resistances seen at 29.30 break will open doors for 29.60-30.20 areas. If manage to hold 30.20 for some time then will try to kiss 30.80 for the day. As per current scenario trend is looking weak key support at 29 break would signal downward move towards 28.60-28 area. 28 will remain key support and break would confirm decline till 27-26.70 in very short term.

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