Bullion Intraday Road Map for Feb 27, 2012

Gold: currently trading at 1777.58, weekly trading range will remain between 1700-1920, trend is up. Intraday trading range will remain between 1760-1805, trend is up. Gold trading between ranges 1760-1800 and having multiple resistances before a fresh breakout. Immediate support placed at 1770 till gold trading above this level it is likely to move between a range of 1770-1788 above 1788 will try to move towards 1796-1805. A successful close above 1805 would signal a clear bullish break and would offer 1920 as target for short term. A failure below 1770 will take it to 1763-1752-1733 but we are trading in uptrend so break below 1770 is less likely. 1733 will remain key support for the day. Buying on decline will be good strategy for the day.

Silver: currently trading at 35.54 weekly trading ranges will remain between 32.40-38.85, trend will remain up. Daily trading range will remain between 34.50-36.95 trend will remain up. Silver is struggling near critical resistance of 35.70. Today also expected to face resistance at this level immediate support placed at 35.15 till silver trading below 35.70 it will move in a range between 35.15-35.70 failure below 35.15 will take it to 34.80-34.60 zones for the day. Healthy breakout above 35.70 zones would offer 36.90-36.95 zones as target area for bulls.

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