Bullion Intraday Road Map for May 15, 2012

Gold: currently trading at 1553.85, day trading range will remain between 1520-1586, trend is down. Currently gold is trading at key support of 1552 stability below this during the day may trigger more bearishness and gold will try to move towards 1545-1535 zones for the day. 1543 will be key support on daily closing basis and 2 consecutive closes below 1543 would signal more bearishness and it will try to taste 1525-22 zones stability below 1520 would signal midterm trend failure. Immediate resistance seen at 1565 stability above this level will take it 1578-152-84 zones but 1586 will remain key resistance for the day.

Silver: currently trading at 28.05, day trading range will remain between 27.30-29.10, trend is down. Immediate resistance seen at 28.25 stability above 28.25 will take it to 28.50-28.55 for the day but 29.10 will remain key resistance for short term. Stability needed above 29.10 to confirm recovery from current down trend other wise 27.40-26.30 can’t be ruled out during this fall. Immediate support seen at 27.70 stability below 27.70 may take it to 27.40-27.30 zones for the day. key support seen at 27 2 consecutive close below 27 would signal more bearishness in this metal.

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