Bullion Intraday Roadmap for Dec 27, 2011

Gold: currently trading at 1592.75 day trading range will remain between 1580-1620. Gold has broken 1595 that was a good support for very short term now it is likely to taste 1582-1560 during this down swing 1550 will remain key support our expected target for gold is 1470 for this down swing. 1645 will remain key resistance for short term break would signal upside move till 1660-1700 till gold trading below 1645 looking weak and will try to head towards 1560-1532-1475 zones. Immediate resistance seen at 1614 break will take it to 1622-25-40 zones.

Silver: currently trading at 28.89 day trading range will remain between 28.60-29.70. Silver having a strong support at 28.65 for intraday and break below 28.60 will take it to 28.30-28 for the day , but 28 is looking very good support break is less likely but would confirm a down side move till 26.70. Immediate resistance seen at 29.20 break would signal upside rally till 29.60-29.70 otherwise down trend will remain continue for the day.

Recommendation: buying around 28.75-28.80 can be a good trade for targeting around 29.10-29.45 with stop loss below 28.60 breaks below 28.60 will invite more sellers.

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