Bullion Intraday Road Map for Mar 12, 2012

Gold:

Weekly: currently trading at 1707.70, expected trading range of the week will remain between key support 1660 and key resistance 1763, trend will remain sideways with negative bias.

Intraday: expected day trading range will remain between 1670-1730, trend will remain sideways with positive bias. Immediate support placed at 1702 consolidation below 1702 would signal intraday weakness and 1690-1680 will be expected targets for down side move. 1670 will remain key support for the day. Major resistance for the day will remain at 1732 consolidation above 1732 would only signal upside rally till 1745-55-1760.

Silver:

Weekly: currently trading at 34.01, weekly trading range will remain between key support of 32 and resistance at 35.70 trends will remain sideways.

Intraday: day trading range will remain between key support at 33.30 and resistance 34.55, trend is sideways with positive bias. Immediate support placed at 33.80 failure would signal retest to 33.40-33.30 zones for the day otherwise bulls will remain active and silver will try to taste 34.40 and consolidation above 33.40 will take it to key resistance of 35.05 consolidation above 35.05 would define the way for the week.

Trader can look for buying on decline and lower band of our given day trading range can be good stop loss for buyers. Selling around upper band of day trading range will also good trading idea. In case of short selling around 1725-30 zones trader can use 1736 as stop loss and in silver 35.10 can be good stop loss for short sellers.

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