Bullion Intraday Road Map for Feb 03, 2012

Gold: currently trading at 1755.70, yesterday it has been done our 1st long awaited target of 1760, day trading range will remain between 1700-1810, trend is up and this wing is open for 1772-1785-1805 zones. Trading in overbought territory on daily charts so a short term reversal can’t be ruled out any time that will take it to 1700-1680 zones. immediate support seen at 1749 break would signal retest of 1740 zones if manage to break and hold below 1738 zones then sharp selling can’t be ruled out. 1762 will remain immediate resistance further upside till said resistance zones are only possible above that level.

Silver: currently trading at 34.15, yesterday silver has broken its very short term resistance of 34 and nicely close above that level and opened door for 35.20-35.70 in short term. Intraday trading range will remain between 33.40-35.20 trend is up and trading in overbought territory so reversal is likely from resistance area of 35.20-35.80 zones. Immediate resistance seen at 34.35 breakouts above that level would attract more buyers for intraday, immediate support placed at 34.05 breaks would take it to 33.70-33.60 zones. and 33.40 will remain key support for the day below 33.40 failure of this swing possible and silver is likely to taste 32.90-32.60-32 zones.

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