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Bullion Intraday Road Map for Jan 4, 2012


Gold: last traded price 1598.57 day trading range will remain between 1580-1620. Intraday trend will remain sideways with positive bios.  Intraday resistance seen at 1608.60 above that gold is likely to taste 1615-1620 for the day. But key resistance for the week and day is 1645 if manage to cross and close above 1645 then only trend change possible for short term otherwise we are expecting reversal from that zone. Immediate support seen at 1590 break would signal a retest to 1580 zones. Failure below 1580 is less likely but would signal 1560 levels to taste.

Silver: currently trading at 29.28 expected trading ranges will remain between 28.40-30.20. Trend will remain sideways with positive bios for intraday.  Intraday major resistance seen at 29.75 breaks would signal retest to 30-30.20 zones for the day. 30.20-30.30 zones will play important role cross and close would signal a short term rebound that may take it to 35-37 ranges.  Immediate support seen at 29.05 breaks would signal retest to 28.50 levels. Break below 28.40 would signal intraday decline that may take it to 27.80-27.0 zones. 
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