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.

Comments

First step towards becoming Financial Independent...

Success is not getting a highest paying job but success is when you get enough free time for yourself you can do whatever you want you can go wherever you want to go without concerning about your job and effecting your lifestyle. Generally people waste their early age in preparing for govt. Jobs and they put their energy and time for preparing job but among those only few people get the govt. Jobs and rest stay jobless with wasted time of 3 to 5 years of their graduation and mostly spend their life jobless or with mediocre salary. In India people In their early age after graduation don't have much pressure from family for earning and they usually use this time to prepare for competitive exams for job and take some courses and among them only few people get job and rest remains jobless and then they keep blaming the system for their unemployment. Let's take an example to understand magic of starting earning and saving in early age. Because in ea...

Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions.

Nifty Options Weekly Expiry; MAX PAIN stands at 13400

#NIFTY #INDEX currently trading at 13438, down by 90 from previous close. Today index has opened gap down and taken out the low placed yesterday at 13449 triggering primary weakness in market for the day. Immediate support is now placed at 13390, retest to this level can’t be ruled out but stability below 13390 will result in to further weakness and then attempt towards 13350-13310 zones can’t be ruled out. Key support will be at 13300 and further stability below that level will bring more weakness. Resistance is now placed at day high which stands at 13488, any sustained move (Less likely) above that level will bring some relief to bulls and then attempt towards 13540-13590 can be seen. On #option_chain heavy #call_writing is being done at 13500-13600 strikes where as short covering is visible in 13450 and 13500 puts whereas longs build up seen in 13400 puts with high volume. Based on current #OI position level of #option_pain stands at 13400 thus based on current data at 10:52AM...

LET THE MARKET TELL WHO WE ARE

Search This Blog