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Bullion Intraday Road Map for Feb 16, 2012


Gold: currently trading at 1723, day trading range will remain between 1700-1755 trends sideways with negative bias. Yesterday nice selling pressure seen from expected resistance area of 1738. Immediate support seen at 1720 failure would take it to 1713 and more down side key support will remain at 1700 failure below 1711 may take it to 1708-1704 but 1700 will remain important to watch. Immediate resistance at 1726 above this 1732-1740 expected for the day. 1755 will remain key resistance for week.

Silver: currently trading at 33.31, day trading range will remain between 32.90-34.40 trend sideways. Silver moving between range of 32.90-34.40 and 32.90 is looking very strong support. Till silver trading above 32.90 likely move upside but failure would signal failure in trend and silver may fall till 32.30-31.50 in coming days. Immediate resistance seen at 33.50 breaks above 33.50 will take it to 33.90-34.03. key resistance for the day and week is 34.40 on consolidation basis. 
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