Bullion Intraday Road Map for Mar 16, 2012

Gold: currently trading at 1661.82, day trading range will remain between key support 1620 and resistance 1684. Trend sideways with positive bias. Immediate support placed at 1652 failure may take it to 1645-1642 for the day but 1634 will remain important to watch. Resistance seen at 1667 break will take it to 1675-1682 but 1684 will remain key resistance consolidation above 1684 confirm a rise till 1700 zones. 1703 will remain key resistance. Down side is limited and gold may trigger a fresh bullish wave if not manage to close below 1620 on daily close basis. So avoid fresh shorts at these levels.

Silver: currently trading at 32.62 day trading range will remain between 31.50-33.50 intraday trend will remain sideways with positive bias. Silver nicely jumped from important support of 31.50 now further down side is limited till trading above 31.50. Immediate support seen at 32.20 failure will take it to 31.90-31.50 but 31.50-31.30 zones will remain key support and break below these supports are very less likely. Intraday resistance placed at 32.85 break would signal a retest to 33.40 zones. 33.50 will remain key resistance and daily close above 33.50 would confirm short term recovery in silver.

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