Skip to main content

Bullion Intraday Road Map for Feb 07, 2012


Gold: currently trading at 1720.54, day trading range will remain between 1700-1740, trend is down. Immediate resistance seen at 1725 penetration above this level would signal an advance till 1736-1740 zones. 1745 will remain key resistance for the day. Immediate support seen at 1717 break would signal retest 1712-1711-1704 for the day. 1700 will remain key support failure would offer 1688-1675 as target for this correction.

Silver: currently trading at 33.56 day trading range will remain between 32.90-34.10, trend down. Immediate resistance seen at 33.90 if manage to hold above this then retest to 34.10-34.40 zones can’t be ruled out, break below 33.50 would signal intraday weakness and 33.10-32.90 will be next levels to watch. Till silver trading below 34 it is likely to taste 32.75 zones during this swing 32.90 is a level where that will act as strong support break below 32.90 fall expected till 32.50 zones.
Labels:

Comments

Post a Comment

Popular posts from this blog

Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions. 
Post a Comment
Read more

Nifty Options Weekly Expiry; MAX PAIN stands at 13400

#NIFTY #INDEX currently trading at 13438, down by 90 from previous close. Today index has opened gap down and taken out the low placed yesterday at 13449 triggering primary weakness in market for the day. Immediate support is now placed at 13390, retest to this level can’t be ruled out but stability below 13390 will result in to further weakness and then attempt towards 13350-13310 zones can’t be ruled out. Key support will be at 13300 and further stability below that level will bring more weakness. Resistance is now placed at day high which stands at 13488, any sustained move (Less likely) above that level will bring some relief to bulls and then attempt towards 13540-13590 can be seen.  On #option_chain heavy #call_writing is being done at 13500-13600 strikes where as short covering is visible in 13450 and 13500 puts whereas longs build up seen in 13400 puts with high volume. Based on current #OI position level of #option_pain stands at 13400 thus based on current data at 10:52AM...
Post a Comment
Read more

Will Gold be Cheaper or Sky Rocket till Diwali?

  Gold spot international currently trading at $1916 up by $15. Gold has been staying within the range formed on August 11, 2020 by a strong bearish bar. It has found multiple supports near the areas of $1870-1860 which is also stands near the low headed by that bearish bar as discussed above. This entire consolidation within the range of bearish bar has taken shape of a descending triangle and now price has climbed above resistance line of this tringle suggesting bullish potential. Price had been staying below 35 days SMA since its bearish cross below SMA during month of August this year but now it has crossed above the same and formed a complete bar above the moving average suggesting bullish developments on MA crossover front. Based on current developments on chart gold is likely to remain bullish as long as it holds above $1885 and having a strong resistance placed near the areas of $1930-1935 zones. Sustained move above $1935 will further strengthen bullish outlook and then it...
2 comments
Read more