Bullion Intraday Road Map for Apr 24, 2012

Gold : currently trading at 1635, day trading range will remain between 1600-1660, very short term trend is sideways with negative bias. Yesterday’s gold made low 1623 and nicely recovered from those levels. 1624 is acting as strong support as we were expecting in our gold short term trend analysis video. Today 1643-1648 zones will remain very strong resistance stability above these zones would confirm short term recovery in gold. Immediate support seen at 1624 daily close below 1624 will offer further negativity and gold will try to head towards 1585-1525 zones in coming days. till gold holding 1624 as support on daily close basis our outlook will bullish in gold.

Silver: currently trading at 30.77, day trading range will remain between 30.30-32, very short term trend will remain bearish in silver. On daily chart silver trading near dead zone and stability below 30.30-30.40 zones would invite more bears and silver will try to head towards 28.60-26.30 in coming days. Today key support will remain at 30.30 stability needed below this level to expect further down side. Immediate resistance at 31.32 cross above 31.32 will take it to 31.70-31.80 but 32 will remain key resistance for intraday trading.

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