Bullion Intraday Road Map for May 01, 2012

Gold: currently trading at 1660.44 day trading range is expected to remain between 1640-1685; intraday trend is expected to remain sideways with bullish bias. 1650 looking good support stability below 1650 may trigger intraday weakness and gold will try to taste 1645-1635 for the day and 1624 will remain key support for short term. Intraday resistance seen at 1668 above this gold will try to move towards 1673-1680 zones but 1688 will remain key resistance for short term .gold is trading near crucial resistance of 1660 and we are looking at price behaviour near resistance line if today gold fails to hold above 1668 then sharp selling can’t be ruled out 1645-1635 will remain important to watch for the day.

Silver: silver current price is 30.80 and trading below key support of 31 on daily chart. Day trading range will remain between 29.60-31.50; trend is expected to remain bearish in very short term. 31.50 is key resistance for now and till metal not manage to hold above this resistance our outlook will remain bearish in silver and expecting 30.40-30-29.60 zones for the day. Our short term outlook is still bearish in silver and expecting 28.60-26.30 as short term target till silver not manage to hold above 31.50. Stability below 30.30 will increase more chances for sellers. All in all 30.30 is still an important level and stability on daily close basis below 30.30 may trigger panic selling in this counter.

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