Bullion Intraday Road Map for Apr 26, 2012

Gold: currently trading at 1646.70, day trading range will remain between 1610-1660, intraday trend sideways with bullish bias. Immediate support at 1630 stability below 1630 would offer further weakness and gold may slide till 1624-1610 for the day. 1624 will remain key support on daily close basis and big fall only expected after closing below that support otherwise rebound can’t be ruled out. Immediate resistance at 1648 stability above 1648 would offer 1656-1672 for the day. Outlook will remain bullish till gold holding 1624 support on daily closing basis.

Silver: currently trading at 30.70, day trading range will remain between 30-32. Intraday trend is expected to remain sideways with bullish bias. Silver having 30.30 is very strong support and closing required below this support on daily basis to confirm further down side otherwise silver may rebound from these levels. Daily stability below 30.30 would offer 28.60-26.30 in short term. Today key resistance will remain at 31.10 stability above 31.10 will take it to 31.60-31.70 zones for the day. short term key resistance will remain at 33.30

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