Bullion Intraday Road Map for Jan 16, 2012

Gold: currently trading at 1639.95, weekly trading range will remain between 1600-1666, intraday expected trading range will remain between 1620-1666, and trend will remain sideways for the day. Immediate resistance seen at 1642 if manage to hold above 1642 then intraday rise possible till 1648-1655 for the day. 1629 looking good immediate support break below this would signal intraday weakness and 1618 can’t be ruled out for the day.

Silver: currently trading at 29.58 day trading range will remain between 28.40-30 intraday trend is weak and important support seen at 29.40 break would signal a retest of 29-28.70-28.40 zones in very short term. Intraday immediate resistance seen at 30 breakouts above 30 would signal intraday recovery but major resistance will remain at 30.80 for this swing and above 30.80 on 240 minute closing basis would signal a uptrend till 32.20-32.70 zones in short term.

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