Bullion Intraday Road Map for Feb 07, 2012

Gold: currently trading at 1720.54, day trading range will remain between 1700-1740, trend is down. Immediate resistance seen at 1725 penetration above this level would signal an advance till 1736-1740 zones. 1745 will remain key resistance for the day. Immediate support seen at 1717 break would signal retest 1712-1711-1704 for the day. 1700 will remain key support failure would offer 1688-1675 as target for this correction.

Silver: currently trading at 33.56 day trading range will remain between 32.90-34.10, trend down. Immediate resistance seen at 33.90 if manage to hold above this then retest to 34.10-34.40 zones can’t be ruled out, break below 33.50 would signal intraday weakness and 33.10-32.90 will be next levels to watch. Till silver trading below 34 it is likely to taste 32.75 zones during this swing 32.90 is a level where that will act as strong support break below 32.90 fall expected till 32.50 zones.

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