Bullion Intraday Road Map for Jan 12, 2012

Gold: current price 1642.70, day trading range will remain between 1620-1665 trends will remain sideways. Immediate resistance seen at 1648 break would signal 1660-65 for the day. Support seen at 1628 below this retest of 1620-18 zones can be ruled out. 1618 below if manage to hold on 240 min closing basis then bios will turn in to bears side and gold may try to taste 1608-1600 zones for the day.

Silver: current price 29.97, day trading range will remain between 29.30-30.35. Trend sideways till trading below 30.30 and likely to taste 29.70-29.50 levels for the day. 29.30 will remain important support to watch break would signal failure of current move and retest to 28.60 zones can’t be ruled out. Immediate resistance seen at 30.30 if it manage to hold above 30.30 on 4 hour closing basis then intraday possible range 30.70-30.90 daily close above 31 would signal 32.20-32.70 for short term.

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