Bullion Intraday road map for Dec 16, 2011

Gold: currently trading at 1686 intraday trend will remain sideways with positive bios. Day trading range will remain between 1560-1640. Immediate resistance seen at 1694 a break above said resistance would signal rise till 1635-40 zones. 1660 will remain important support to watch break below this support would signal a down side till 1532-1470 in coming days. But due to oversold readings in all technical indicators we are expecting bounce from current levels.

Silver: Currently trading at 29.44 day trading range will remain between 28-31very short term trend will remain sideways with positive bios. Neck line breakout of inverse H&S above 29.40 on hourly chart suggesting rally may take it to 30.30-30.80 during this pull back.

We are long in both Gold at 1570-72 range and in silver around 28.35-40 range and waiting for our targets our gold target is 1630 and silver expected target is 30.30-30.60.

Very short term correction in dollar index will also support our very short term bullish view on bullions.

Comments

Anonymous said…

you are wrong sunil bhai its 1586 cmp.

December 16, 2011 at 6:26 PM

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