Bullion Intraday Road Map for Apr 02, 2012

Gold:

Weekly: currently trading at 1669, weekly trading range will remain between key support of 1628 and resistance 1711, trend will remain sideways with negative bias. Sustainability required above 1711 to confirm a short term bottom.

Intraday: intraday trading range will remain between 1645 and 1685; intraday trend will remain up with mixed bias. Immediate support placed at 1665 failure will take it to 1660-1659 zones but 1655 will remain important to watch. Failure below 1655 is not likely. In case of failure below 1655 gold may taste 1645-1635 zones for the day. Resistance for the day are 1678 and 1685 sustainability above 1685 will take it to 1681-1697 for the day.

Silver:

Weekly: currently trading at 32.43 weekly trading ranges will remain between key support of 31 and resistance 34.50 trends will remain sideways with mixed bias. Sustainability above 33.20 would open the door for 34.30-34.40 zones for the week.

Intraday: expected day trading range will remain between 32-33, trend will remain sideways with negative bias. Immediate support seen at 32.20 failures will take it to 32-31.60 for the day 31.60-31.50 zones are potential reversal zones but consolidation below 31.50 may neglect out bullish expectations for the day. Till silver trading above 32 it is safe for bulls and likely to taste 33.20-34.40 during this swing. Intraday minor resistance at 32.60 consolidations above 32.60 will open the door for 33.20 and more upside for the day.

Note: till gold trading above 1655 and silver above 31.80 on daily closing basis our outlook will remain bullish for very short term for targeting 1700 and 34.40

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