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MCX Bullions road map for 02 July, 2012


Gold: closed at 29662 day trading range 29400-29800, trend consolidation. Immediate support seen 29590-600 zones stability below these zones may trigger further weakness and gold may try to head towards 29500-29450 zones for the day. Key support will remain at 29400 failure would signal short term decline till 29100-28800. Key resistance will remain at 29800 stability needed above 29750 zones to confirm intraday rally up to 29900-30000 zones. Otherwise sideways moment expected for the day.

Silver: September contract on mcx closed at 53313, trading range 53000-54300, trend down. Important to watch 53600 stability below this level will remain supportive for bears and silver will try to hit 53100-53000 for the day. Key support will remain at 53000 stability below 53000 would signal decline till 52600-52000 zones.  Stability above 53600 is less likely but in case of stability above 53600 silver may head towards 54000-54200 zones. 54300 will remain key resistance stability above resistance would signal short term rally till 55000. 
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