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Bullion Intraday Road Map for May 17, 2012


Gold: currently trading at 1547, day trading range will remain between 1520-5165, trend is down but lots of technical indicator reached in oversold territory that will trigger higher volatility for the day. Immediate resistance seen at 1552 recovery above 1552 would signal intraday rally till 1560-1565 zones, stability needed above 1565 to confirm a short term recovery and gold will try to head towards 1600-1620 zones in coming days. Immediate support seen at 1538 failure below 1538 may trigger intraday weakness and gold may try to taste 1530-1525 zones for the day but failure below 1520 will trigger more weakness and fall till 1498 can’t be ruled out. Stability above 1529 will remain supportive for bulls. 

Silver: Currently trading at 27.54 day trading range is expected to remain between 26-28.10, trend will remain sideways. Immediate support seen at 27 failures below 27 may trigger intraday weakness and silver will try to taste 26.60-26.20 for the day otherwise it will try to taste 28 zones. Stability above 28.10 needed to confirm short term recovery. That will take it to 28.50-29.40-30.40 in short term.


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