Bullion Intraday Road Map for Jan 26, 2012

Gold: yesterday gold has nicely broken out resistance of 1685 and closed above 1690 nicely shooting up according our technical setup as posted on January 18, 2012. Now gold has defined a recent support at 1640. I was expecting 1640 as very strong support and yesterday reversal seen from that support area. Now gold has open trading range for 1800 in short term. Intraday expected trading range will remain between 1640-1760. Immediate support seen at 1704 break below 1704 may take it to 1688-1670 but that will be actually buying zone for fresh entries. 1640 looking very strong support for this swing and we are expecting 1725-1755-1805 targets for this swing.

Silver: currently trading at 33.10 and nicely broken out long awaited resistance zones of 32.80 now suggesting 33.80 zones as minor resistance and rally expected till 35.50-35.80 according this breakout as we have written many times in our morning reports. 31.40 will remain important to watch but major support for this swing will remain at 30.30 swing failure only possible below that. Intraday trading range will remain between 31.40-33.80. Reversal my occur from 33.80 zones for intraday, support seen at 32.70 break below 32.70 will open day trading range till 32$ but buying in dips will be good strategy for a big boom. Buying around 32 zones will be a good idea for expected targets of 35.50-35.70 and trader can use 31.40 as stop loss on daily closing basis.

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