Bullion Intraday Road Map for Jan 23, 2012

Gold: currently trading at 1668.13 day trading range will remain between 1630-1685, and weekly trading range expected between 1630-1760. Short term trend is up gold is having very stiff resistance between 1672-1685 zones immediate resistance seen at 1672 break above this resistance intraday rise possible till 1680-85 zones further upside will confirm only above 1685 daily closing basis that will take it to 1760-1810 in coming days. Immediate support seen at 1665 break would signal intraday decline till 1658 break below 1658-55 zones is less likely. But failure would signal retest till 1640-45 zones. 1630 will remain key support for the week.

Silver: currently trading at 32.30 nicely shooting up after our post of January 10, 2012. Weekly expected trading range will remain between 29.30-34; day trading range will remain between 30.30-33. Silver has broken out important resistance that is suggesting, high volatility. 32.70-33 are very stiff resistance and reversal zones for a pull back before further upside. Over all this rally may extend till 35.70 but 32.70-33 are key zones to watch out for further upside. Immediate support seen at 32.10 breaks would signal retest of 31.70-31.60 zones for the day. 30.80 looking important support for the day.

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Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions.

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LET THE MARKET TELL WHO WE ARE

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