Bullion Intraday Road Map for Mar 13, 2012

Gold: Currently trading at 1703.89 day trading range will remain between key support 1690 and key resistance 1730. Very short term trend up. Immediate support placed at 1690 would signal 1686-1680 as next levels. 1660 will remain key support for week. Minor resistance seen at 1710 consolidation above 1710 would take it to 1716-1726 for the day. 1732 will remain key resistance to confirm further upside during week.

Silver: currently trading at 33.75, day trading range will remain between key support at 33 and resistance at 34.50. Intraday trend sideways with negative bias. Silver needs to consolidate below 33.30 ranges to confirm a retest to its immediate support 32.40. Key resistance seen at 34.50 penetration of resistance would offer 35 as target for intraday bulls. Immediate hurdle seen at 33.85 above this expected minor resistance at 34.10 till silver trading above 33.30 buying in dips will be trading strategy for the day.

Note: 1732 for gold and 35.10 for silver are key resistance only consolidation above these levels would confirm short term bullishness in bullions otherwise selling pressure can’t be ruled out near resistance zones. So take care of key resistance before taking any long decisions. You can use resistance area for profit booking if long taken as per our yesterday’s update.

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