MCX Bullions road map for 17 July, 2012

Gold: closed at 29280, trading range 29150-29360, trend sideways. stability above 29260 will remain supportive for bulls and it will try to head towards 29330-29360 stability above 29370-400 will supply more power to bulls and gold may hit 29600-29700 zones soon. Key support seen at 29150 failure will take it to 29060-28940 closing below psychological level 29000 may create panic otherwise trend will remain on place and likely to hit 29600-29700.

Silver: closed at 52745, trading range will remain between 52000-54000; trend is sideways with bullish bias. silver having immediate support at 52600 stability above 52600 will remain supportive for bulls and silver will try to head towards 53000-53300 stability needed above 53300 to confirm a retest of 54000-54200 zones. Key resistance will remain at 54500 for short term. Silver having strong support at 52350 on daily close basis close below this level may trigger more weakness for 51300-50000 zones otherwise bias will remain bullish.

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