Bullion Intraday Road Map for Jan 24, 2012

Gold: currently trading at 1675.03 struggling near descending trend line resistance 1780-85 zones as I have written in my previous post on January18, 2012. Intraday trading range will remain 1640-1685. Immediate supports are 1670-1665-1660 we can take 1660 as key support if today Gold manage to break this support then some bears may active in gold and close below 1660 would signal failure in breakout and fall till 1640 zones can’t be ruled out immediate resistance zones for the day are 1682-1685-1696 a successful close above 1685 on daily basis would signal a rally that will take it to 1722-1769-1810 in coming days. Trend will remain sideways till gold trading below 1685 and selling pressures can’t be ruled out that may take it to 1660-1640 zones.

Note: To read Gold trend analysis visit our previous post of January 18, 2012

Silver: currently trading at 32.33 and yesterday it has done our 1^st target of 32.70 successfully as posted on January 10, 2012 and selling pressure also seen from expected resistance zone of 32.70-32.80. Today key support will remain at 31.75 breach of this support would signal a short term correction that may take it to 30.50-29.80 zones. 29.70 will remain key support for short term and till silver trading above this level it is likely to taste 35.70 during this rally. Immediate resistance placed at 32.80 further upside possible only above 32.80 that will take it to 33.50-33.80 very soon after penetration of resistance line. Stochastic with overbought reading suggesting break above 32.80 is less likely and a short term correction can’t be ruled out before further upside.

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