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Bullion Intraday Road Map for Jan 9, 2012


Gold: last traded price 1606.30 day trading range will remain between 1580-1640. Very short term trend is down. Gold is likely to taste 1580-1550 zones before further upside. 1628 will remain key resistance for this view. 1590 is looking minor support and major support seen at 1580 break would signal down side till 1560-1550 zones. Immediate resistance seen at 1613 above this level it will try to taste 1617-1624 zones for the day. 1628 will remain key resistance on 240 minute closing basis.

Silver: currently trading at 28.74. Day trading range will remain between 28.40-29.90 immediate support seen at 28.40 breaks would signal a decline till 27.70 and more down side. Immediate resistance seen at 28.95 breaks would signal 29.20-29.60 for the day. 29.90-30.20 zones will remain key resistance for short term.  Till silver trading below 30.30 on daily closing basis trend will remain down and a retest of 27.40-27 zones can’t be ruled out. 
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