Bullion Intraday Road Map for Mar 14, 2012

Gold: yesterday nice decline seen in gold after FED statement and retested its recent low of 1663 and made new low of 1662.32 as we have clearly written in our previous post that below 1680 retest to previous low can’t be ruled out. Currently gold is trading at 1677 immediate resistance at 1683 consolidation above 1683 may take it to 1692-95 but 1700 has become a very strong psychological resistance now and break above 1702-1703 zones is very less likely. Day trading range will remain between key support of 1640 and resistance 1703. Immediate support at 1672 consolidation provide some power to intraday bears and retest to 1763 zones overall penetration of 1663 has already signalled a bearish swing till 1648-1644 that we can expect as targets for short selling.

Silver: currently trading at 33.28 day trading range will remain between 32.50-34.50 intraday trading is down. Immediate resistance seen at 33.45 consolidation above 33.45 would take it to 33.80 and 33.80-33.90 zones are looking very strong resistance. Major support seen at 33 failures below 33 will take it to 32.60-32.30 for the day. 32 will remain key support if silver manage to close below this then more weakness expected in coming days.

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