Bullion Intraday Road Map for Feb 24, 2012

Gold: currently trading at 1779.13, day trading range will remain between 1740-1800, intraday trend will remain sideways. Gold is likely to move between ranges of 1770-1788. Immediate support seen at 1776 break would take it to 1770-68 zones. 1768 is key support zone. Failure below this may take it to 1760-1750 zones for the day. Short term, midterm and long term trend will remain up for targeting 1800-1925-2060.

Silver: currently trading at 35.42, day trading range will remain between 34-36, intraday trend is up. Immediate support placed at 35.20 till silver trading above this mark it is likely to move towards 35.65-36 zones. Consolidation above 35.70 areas would offer 38 as near term target for silver otherwise short term reversal can’t be ruled out from resistance zones of 35.70-36. Failure below 35.20 would offer 34.90-34.40 as target zones for short sellers. Today 35.20-35.10 zones will play important role for silver. Short term and midterm trend are up and offering 38-40 zones as target, long term trend is still down for targeting 24-20 and 42-48 are important resistance for long term.

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