Bullion Intraday Road Map for Feb 06, 2012

Gold: currently trading at 1736.35, weekly trading range will remain between 1670-1805, trend is up, intraday expected trading range will remain between 1710-1765 very short term trend will remain down. Immediate resistance seen at 1745 break above that is less likely. If manage to break and hold then rise till 1755-60 area can’t be ruled out 1763 will remain key resistance for this corrective phase and till gold trading below 1763 it is likely to correct up to 1716-1706-1686 zones. Immediate support at 1732 break would confirm 1725-1717-1712 for intraday.

Silver: currently trading at 33.63, weekly trading range will remain between 30.30-35.70, trend sideways. Intraday trading range will remain between 32.80-34.20 trends down. Immediate resistance placed at 33.80 above this silver will try to taste 34.10-34.20 zones during the day. Till trading below 33.80 day trading range will remain open for 33-32.90 zones to retest. 32.80 will remain key support for short term failure below 32.80 would signal decline till 31.50 areas for short term. 34.40 will remain key resistance for this week penetration above said levels would signal an advance till 35.70-36 zones.

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