Bullion MCX Intraday Road Map for May 29, 2012

Gold: closed at 28965, day trading range is expected to remain between 28700-29200, trend is expected to remain sideways with positive bias. Today INR weaning against USD that is also supportive for bullions in domestic markets. Immediate support seen at 28940 stability below this level may trigger intraday weakness that will take it to 28880-28800 for the day but 28700 will remain key support for short term. Above 28940 gold will remain attractive bet for bulls and it will try to move towards 29100-29160 stability above 29160 would trigger further bullishness that may take it to 29240-290 but 29300 will remain key rest for short term daily close above 29300 would signal an uptrend for targeting 29550-30000 in very short term.

Silver: closed at 54351, day trading range will remain between 53300-55000, trend will remain sideways with positive bias. Silver having strong support at 54300 failures may take it to 54050-54000 for the day. 53850 looking very strong support for the day, failure of this support is less likely but in case of failure this fall may extend till 53400-53150 for the day. Immediate resistance seen at 54550 stability above 54550-600 zones would signal a retest to 54850-950 zones. Stability above 55000 needed for intraday rise till 55250-55500.

USD/INR: currently trading at 55.59 day trading range is expected to remain between 54.95-56.20, trend is up. Recently currency pair defined a support at 54.95 stability below 54.95 would trigger further weakness and counter may slide till 54.50-54 in near term till trading above 54.95 bulls will remain in charge immediate resistance seen at 55.70 stability would open door for retest of upper band of day trading range.

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