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Bullion Intraday Road Map for Jan 13, 2012


Gold : currently trading at 1637.72, day trading range will remain between 1600-1665. Trend sideways with negative bios. Yesterday nice selling pressure seen from expected resistance area of 1665 zones. Now 1628 is important support to watch break below 1628 would signal intraday decline till 1618-1608. It has define a strong pivotal resistance at 1662 further upside possible only above that resistance area otherwise short term correction can’t be ruled out in gold.  1628 will remain important support to watch.

Silver: currently trading at 29.74, day trading range will remain between 29.30-31. Intraday trend will remain down 29.40-29.50 zones are important support to watch failure below 29.40 on 240 min closing basis would signal a short term correction that may take it to 28.60-28.40. immediate resistance seen at 29.95 and 30.30 break above 30.30-30.35 zones is less likely trader can use 30.35 level as stop loss if want to go short around 29.90-30.

We were expecting 30.80 as important  resistance to define a fresh trend but nice selling pressure seen from resistance area and 30.60-30.80 and silver headed 29.61 after a top of 30.65 now till silver trading below 30.80 on 240 minute closing basis our outlook will remain bearish in silver. 
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