Bullion Intraday Road Map for Feb 21, 2012

Gold: currently trading at 1734.67, expected day trading range 1700-1755, trend is sideways with positive bias. Gold moving between ranges of $10 since yesterday. Immediate support seen at 1728 break will take it to 1717-1708 zones but 1700 will remain key support for short term. Immediate resistance seen at 1738 break would signal retest to 1748-1755 zones. Consolidation above 1755 would signal resumption to bullish move and 1800 will be next destination for gold.

Silver: currently trading at 33.56 expected trading ranges for the day is 32.90-34.50, trend is sideways. Silver moving in a range between 33.30-33.70 since yesterday and was not able break this range to signal a clear trend. Immediate resistance seen at 33.70 breaks above 33.70 would signal retest to 34.05 zones. 34.05 is also an important resistance break above this level would signal retest to 34.40-34.50 zones. consolidation above 34.50 would signal an advance till 35.70 for short term. Immediate support at 33.30 break will take it to 33 and 32.50 zones.

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