Bullion Intraday Road Map for Jan 10, 2012

Gold: last traded price 1616, day trading range between 1590-1630, trends will remain sideways. Gold having psychological support at 1600 break would signal 1590-1580 for short term till trading above 1600 it is likely to taste 1640-45 in near term. 1628 looking very stiff resistance and further upside only possible above 1628 on 240 minute closing basis. Till then range bound moment expected in gold. US Dollar index making a possible bearish reversal pattern on daily chart that can be a positive sign for bullions and retest of expected resistance around 1640-45 can’t be ruled out by looking at US dollar index chart.

Silver: currently trading at 29.10 day trading range will remain between 28.40-29.90 trend will remain sideways with positive bios. Immediate resistance seen at 29.30 penetrations above this level would signal a primary rally till 29.60-29.90 further upside only possible above 30.20 on daily closing basis otherwise selling pressure can’t be ruled out from the upper band of day trading range around 29.90-30.10 zones. not much bearishness expected in silver till trading above 28.40 break below 28.40 would signal a decline till 28-27.50.

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