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Bullion Intraday Road Map for May 08, 2012


Gold : currently trading at 1631.83 having strong support at 1624 stability below 1624 would signal short tern decline that will take it to 1614-1585 zones. trend is expected to remain weak day trading range is between 1610-1650 stability above 1650 needed to neglect these bearish expectations. Our outlook will remain bearish till gold trading below 1650 in short term but failure of 1624 needed to confirm a big down side in short term.

Silver: trading at 29.72 below its critical support of 30.30 today expected trading range will remain between 28.50-30.50 stability above 30.50 during the day may neglect bearish expectations otherwise fall is expected to remain continue till trading  below 30.30. Stability above 30.40.30.50 zones for the day may take it to 31-31.40 but 31.45 will remain key resistance for the week. 
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