Bullion Intraday Road Map for Mar 30, 2012

Gold: currently trading at 1661.22 day trading range will remain between key support 1620 and resistance 1710; very short term trend is up. Immediate resistance seen at 1666 stability required above this levels to confirm a bullish move till 1682-1703 zones. Immediate support at 1653 failure will take it to 1645-1643 zones. Key support will remain at 1640 consolidation below this mark will take it to 1635-1630. 1628 is weekly support and failure below this support may destroy bullish expectations in gold and it will try to move towards 1590-1540-1516 zones. today range bound moment expected between range of 1644-1666 break above 1666 would signal activation of bulls in gold.

Silver: currently trading at 32.22 day trading range will remain between 31-33.20. Very short term trend will remain sideways. Immediate resistance seen at 32.40 above 32.40 rallies expected till 32.80-33.10 for the day. 33.20 will remain key resistance and consolidation above 33.20 would signal a primary rally till 34.30-34.40 zones. Key support at 31.60 failures below this level is very less likely and 30.50 will remain key support for our bullish expectations.

Recommendation: buying silver around 31.90-32 for targeting around 34.30-34.40 with stop loss of 31 on 240 minutes closing basis might be appropriate.

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