Bullion Intraday & Weekly Road Map for Apr 09, 2012

Gold:

Weekly: currently trading at 1640, weekly trading range will remain between 1560-1703; weekly trend will remain sideways with negative bias. Weekly close 1685 would signal recovery from recent bearish developments 1560 will remain key support for this week.

Intraday: day trading range will remain between 1618-1652, trend will remain down. 1652 zones are very strong resistance and sustainability above 1652 required for 1675-85 zones. Immediate support seen at 1633 failure may take it to 1620-1618 zones for the day. 1610-1608 zones are important to watch failure would signal a decline till 1585-1575 zones in short term.

Recommendation: selling gold around 1642-1646 for targeting around 1618-1608-1585 with stop loss of 1658 on 240 minute closing basis might be appropriate.

Silver:

Weekly: currently trading at 31.80 weekly trading ranges will remain between 30.30-34.30 trend will remain down. Key resistance will remain at 32.70 sustainability will take it to 33.20 and 34.30 will remain key resistance for week. Support at 30.30 failures would offer 28.60-26.30 as targets in silver below 30.30.

Intraday: trading range will remain between 30.60-32.70; trend is down strong resistances are 32.30-32.75 stability above 33.30 will remain key resistance and stability above 33.30 would negate bearish developments in silver and it will be out of fear. Immediate support placed at 31.50 failures would take it to 31-30.60 for the day. 30.30 zones will remain key support for intraday and week also.

Recommendation: selling silver around 32.20 for targeting around 31.20-30.50-28.60 with stop loss above 32.70 on 240 minute closing basis might be appropriate.

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