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Bullion Intraday Road Map for May 21, 2012


Gold: currently trading at 1599.12, day trading between 1565-1620, trend is up, currently gold is attacking on key resistance of 1600 stability needed above this resistance to confirm intraday upside move that will take it 1608-1614-1620 for the day. Immediate support seen at 1682 failure will trigger a short term weakness in this metal and retest to key support 1565 can’t be ruled out. Important to watch 1601 stability above this level would trigger intraday bullishness.

Silver: currently trading at 28.71 day trading range is expected to remain between 28-30, trend is up. Silver having immediate support at 28.50 failures may trigger intraday weakness and silver will try to move towards 28.20-27.80 for the day. Till trading above 28.50 bulls will remain in charge and this rally will remain continue till 29.30 zones for the day. 29.30-29.50 zones are very strong resistance zones for short term and further upside only possible above these zones otherwise selling expected from resistance zones. 
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