Bullion Intraday Roadmap for Dec 20, 2011

Gold: currently trading at 1596.22 day trading range will remain between 1570-1640. Yesterday range bound moment seen between 1582-1609 and was facing selling pressure again and again near upper band of trading range. Today also 1610 will remain important resistance to watch cross above this resistance area would signal a rally till 1620-1640 zones for the day. Immediate support seen at 1682 break will take it to 1672-65 zones. 1660 will remain key support for short term and break would signal another decline till 1532-1470 otherwise rally till 1640 and more upside can’t be ruled out.

Silver: currently trading at 28.80 day trading range will remain between 28-29.30. Immediate support seen at 28.60 break will take it to 28.30-28 zones, 28 will remain key support for the day. Key resistance seen at 29.30 if manage to hold then the will try to taste 29.60-30 zones for the day. Breakout above 30 would confirm another rally till 30.30-30.80 for very short term. Till trading above 28 looking safe for bulls below 28 fall will remain continue and will try to taste our final short term target of 26.70.

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