Bullion Intraday Road Map for May 14, 2012

Gold: currently trading at 1581.72,day trading range will remain between 1565-1603, short term trend is down. Immediate resistance seen at 1590 stability above 1590 will support intraday bulls and it will try to taste 1600 zones during the day. 1612 zones will remain key resistance for very short term. Immediate support seen at 1577 failure will take it to 1572-1565 for the day. Stability below 1579 on daily basis would signal more decline and gold will try to move towards 1554-1522 in coming days.

Silver: Currently trading at 28.76 day trading range will remain between 27.30-29.50, trend is down. 28.50 levels is acting as very strong support for short term failure below this level would signal very short term decline that will take it to 27.40-26.30. Immediate resistance seen at 29.10 stability above 29.10 will take it to 29.45-29.90 for the day. Below 28.50 if manage to hold then down side till 27.40 levels can’t be ruled out for the day.

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