MCX Bullions road map for 29 Jun, 2012

Gold: closed at 29652, trading range 29500-29900; trend is sideways with negative bias. Yesterday sharp decline below 29860 as we were expecting. Today key support will remain at 29500 recovery expected from 29570-29500 zones. Closing needed below 29500 to confirm further down side. Resistance seen at 29780-800 zones stability will trigger intraday rally till 29900 and more upside. Technical outlook will remain bearish for short term.

Silver: closed at 51756, trading range 50800-52600, trend is down. Immediate support seen at 51650 failures will signal intraday decline till 51300-51200 zones. Stability below 51200 will take it to 50800 zones for the day, overall trend is down and this swing is open for 50000. Immediate resistance seen at 52150 stability above this level would signal intraday recovery and it will try to hit 52400-52500 zones. 52600 will remain important to watch stability may trigger recovery otherwise down trend will remain continue.

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