Bullion Intraday Road Map for May 24, 2012

Gold: currently trading at 1560 day trading range will remain between 1518-1600, trend is sideways. gold having a strong hurdle at 1565 stability needed above 1665 to confirm further bullishness above 1565 it will try to head towards 1572-1584 but 1600 will remain psychological resistance for short term stability above 1600 would offer 1654 as primary target. Support seen at 1554 stability below this level would offer intraday weakness till 1547-1542 and 1528 will remain key support over short term failure may signal short term weakness that will take it to 1511-1455.

Silver: trading at 27.74 day trading range will remain between 26.50-28.20, trend will remain sideways. Silver having very strong hurdle in range of 28.10-2820 stability needed above 28.20 to confirm intraday recovery that may take it to 28.40-28.70 zones. 29 will remain key resistance for the day. Immediate support seen at 27.65 failures will take it to 27.40 zones. Key support for short term will remain at 26.70 failures would signal more weakness that may take it to 26-24 in coming days.

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