MCX Bullions road map for 16 July, 2012

Gold: closed at 29268, trading range 29100-29400, trend sideways. Immediate support seen at 29250 failure will take it to 29200-29160 key support for short term will remain at 29100 failure may take it to 28950-28800. Stability above 29250 will remain supportive for bulls and gold will try to head 29330-370 zones. key resistance will remain at 29400 stability above 29400 will trigger short term recovery that will take it to 29650-700 zones.

Silver: closed at 52767, trading range 52000-53900, trend sideways. Immediate support seen at 52580 failures may trigger intraday weakness and silver will try to head towards 52250 zones. Key support will remain at 52000 for short term failure will take it to 51850-51250-50000. Stability above 52580 will remain supportive for intraday bulls and silver will try to head towards 53000-53300 but 53300 may act as good rest stability above 53300 would offer 53600-53850 as target areas.

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