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Bullion Intraday Road Map for Feb 14, 2012


Gold: currently trading at 1717.90 day trading range will remain between 1700-1755, very short term trend down. Immediate support seen at 1713 failure would signal intraday decline till 1705-1703 and 1700 will remain key support. Consolidation below 1700 would signal a decline till 1685-1670 zones for this corrective phase. Immediate resistance placed at 1724 consolidation above 1724 would take it to 1732 but 1732-35 zones will remain key resistance area for further upside that will take it to 1742-1755 zones and 1755 is key resistance on weekly basis.

Silver: currently trading at 33.55 day trading range will remain between 32.90-34.06 immediate supports placed at 33.40 down side only possible below this otherwise jump can’t be ruled out and intraday consolidation expected between 33.40-34 range. Major resistance for the day is 34.06 consolidations above that would take it to 34.40 zones but key resistance at 34.60 for the week. Very short term trend sideways with 32.90 as strong support area.
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