Bullion Intraday Road Map for Mar 19, 2012

Gold:

Weekly: currently trading at 1663, weekly trading range will remain between 1590-1720 with sideways trend. 1716.64 will remain key resistance for this week and gold must sustain above 1717 to confirm recovery. Otherwise weakness will remain continue and look for selling on rise till gold not manage to hold above 1717. Key support seen at1620 area break of this level is very less likely but failure would signal 1590-1575-1500 in short term.

Intraday: day trading range will remain between key support 1634 and resistance 1682, trend will remain sideways. Immediate strong resistance seen at 1666 consolidation above 1666 would offer 1676-1682 as intraday targets for buyers. Immediate support seen at 1660 failure will take it to 1655-52 and consolidation below 1652 would take it to 1640 zones for the day. But 1634 will remain key support and very short term recovery will end below 1634 otherwise we are expecting a small recovery in gold today.

Silver:

Weekly: currently trading at 32.66, weekly trading range will remain between key support of 30.50 and resistance 35.70 trends will remain sideways on weekly basis and break below 31.50 zones is very less likely.

Intraday: day trading range will remain between 32-34, trend will remain sideways. Immediate support placed at 32 failures would take it to 31.60 and more down side. Resistance seen at 32.90 consolidations above that would take it to 33.30-33.90 for the day.

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LET THE MARKET TELL WHO WE ARE

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