MCX Bullions road map for 31 July, 2012

Gold: Oct gold on mcx closed at 30167, trading range 29800-30420, trend is sideways. Immediate support seen at 30100 failures would signal intraday weakness and gold will try to head towards 30000-29980 failure below 29980 may take it to 29930-850. Short term key support will remain at 29800. Immediate resistance seen at 30200 stability will take it to 30260-370 zones.

Silver: closed at 53341, trading range 53000-54500, trend is sideways with bullish bias. Today 52490 will remain important to watch, stability above 53500 will remain supportive for bulls and silver may head towards 54200-54300 zones for the day, key resistance will remain at 54500 for short term. Failure below 53490 may take it to 53200-53050 key support will remain at 52980 failure may trigger more weakness for the day.

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Nifty Struggles at 24800: What Options Data Tells Us About Market Direction

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