Bullion Intraday Road Map for Jan 20, 2012

Gold: currently trading at 1656.37. Trading range will remain between 1640-1685 yesterday no major development seen on charts today also we are expecting 1640 as immediate support only break below 1640 would signal very short term correction that may take it to 1628-1618-1606 till gold trading above 1640 will remain bullish and likely to taste 1672-1680 zones during this rally, to consecutive close above 1680 would signal a short term rally that will take it to 1740-1790. We are waiting for a valid breakout to enter in a positional trade.

Silver: currently trading at 30.56 day trading range will remain between 29.30-30.80. Very short term trend will remain up. Yesterday silver has formed breakout above but no follow up buying seen. Today 30.30 looking good immediate support break below this would signal 29.70-29.30 failure below 29.30 would signal failure in this bullish swing and silver can again correct till 28.60-28.40 till silver trading above 29.30 it is likely to taste 32.70 in short term immediate resistance seen at 30.90 above that bullish move will remain continue till then retest of 30.30-29.70 can’t be ruled out.

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