Bullion Intraday Road Map for Feb 01, 2012

Gold: currently trading at 1739, day trading range will remain between 1710-1760, trend up and this swing is open for 1760 zones. Yesterday nice selling pressure seen on upper band as we were expecting and gold made 1726 as day low during fall. Immediate resistance seen at 1742 breakout would take it to 1747-1755 zones. Immediate support seen at 1733 break would signal intraday fall till 1726-1717-1711. Key support will remain at 1700 for this week.

Silver: currently trading at 33.22 day trading range will remain between 32.70-34, very short term trends down. Immediate resistance seen at 33.30 breaks above would signal intraday rise till 33.50-34 but 34 will remain key resistance and silver is likely to taste 32.50 zones before further upside. Immediate support seen at 33.10 break would signal retest to 32.80-32.40 zones for the day.

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