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Bullion Intraday Road Map for Mar 28, 2012


Gold: currently trading at 1679.81, day trading range will remain between 1655-1703; very short term trend is up.  Immediate resistance seen at 1688 sustainability above 1688 will open the doors for 1697-1708. Intraday supports are 1664-1655 retest of 1666-1664 zones can’t be ruled out and 1655 will remain key support for the day.

Recommendation: Traders can look for buying around 1660-165 area for targeting around 1690-1708 with stop loss of 1655 on daily closing basis might be appropriate.

Silver: currently trading at 32.53 day trading range will remain between 32-34.50, trend will remain sideways. Silver having important support at 32.35 failures may take it to 32-31.80 but 31.80 zones will be potential reversal zones. Sustainability below 31.80 would neglect our reversal expectations and fall may take it to 31.30-31 for the day. Immediate resistance seen at 32.68 above this retest to recent high of 33.10 possible. Respect of support area around 32 would increase more chances for bulls we are expecting this rally till 34.50.

Recommendation: buying on decline around 32.10-32.30 for targeting around 33.10-34.40 with stop loss of 31.80 on daily closing basis might be appropriate. 
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