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Bullion Intraday Road Map for Apr 19, 2012


Gold: currently trading at 1640.35, day trading range will remain between 1620-1675, intraday trend expected to remain weak. Immediate resistance seen at 1643, stability above 1643 would offer intraday advance till 1652-1655 zones. 1657 will remain strong resistance for the day; break above 1657 is less likely but stability above 1657 would neglect our intraday bearish view on gold. Immediate support at 1628 stability below 1628 would signal intraday decline till 1614-1610 zones. 1608-1610 zones will remain key support zones for the day and failure below 1608 would offer a decline till 1585-1565 zones in near term.

Silver: currently trading at 31.49, day trading range will remain between 30.80-32.60; trend is expected to remain weak for the day. Intraday key resistance seen at 32 stability above 32 may neglect our bearish view on silver. Immediate support seen at 31.30 failures below 31.30 will take it to 31-30.90 zones for the day.  30.90 are important to watch failure below 30.90 would offer intraday decline till 30.50-30.30 zones. 2 consecutive daily close below 30.30 would offer  a short term decline till 28.60-26.55 
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