Bullion weekly and Intraday Road Map for Apr 14, 2012

Gold:

Weekly: currently trading at 1551.05 weekly trading ranges will remain between 1560-1705, trend will remain down. Support at 1612 break below 1612 will open the doors for 1585-1565 zones for the week. Break above 1685 would supply some positive bias but major trend change possible only above 1705 other wise trends will remain down and gold may fall towards 1560-1520 zones during this downtrend.

Intraday: day trading range will remain between 1628-1685, trend will remain down. Immediate support seen at 1648 stability below 1648 would signal intraday decline till 1635-1630 zones. Immediate resistance seen at 1658 cross above this resistance may take it to 1663-1665 zones. Selling on rise would be good trading strategy for the day and week and 1685 can be good stop loss for sellers for targeting 1615-1585.

Silver:

Weekly: currently trading at 31.35 weekly trading ranges will remain between 30.30-33.20 trend is down. Major support for the week is 30.30 failures would signal decline till 29.60-26.20 zones. Key resistance for the week will remain at 33.30 stability above 33.30 would signal an advance till 34-34.20 areas.

Intraday: intraday trading range will remain between 30.30-32.30, trend will remain down. Stability below 30.80 would signal resumption to fall from 37.48 and would offer 26.60-26.20 as primary supports in silver. Immediate supports for the day are 30.90-30.60-30.30 failure below 30.30 will give more powers to silver bears. Immediate resistance seen at 31.70 breaks above 31.70 is not likely, but stability above 31.70 would supply some positive bias for the day. That may take silver to 32.20-32.40 for the day. Selling on rise will be good idea in bullions.

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