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Bullion Intraday Road Map for Feb 17, 2012


Gold: currently trading at 1731.45 yesterday again nice jump seen from 1700 important support level as we have written in our previous update. Day trading range will remain between 1700-1755, trend will remain sideways. Immediate resistance at 1734 break would take it to 1738-1740 if manage to hold above 1740 for some time then 1755-1765 zones will be intraday destination daily close above 1764 would signal continuation in trend and 1805 will be next destination in short term. Immediate support placed at 1726 break will take it to 1718-1712 for the day. 1700 will remain key support for short term.

Silver: currently trading at 33.46 day trading range will remain 32.90-34, trend will remain sideways. Silver moving in a rectangle after a bull run from 26 to 34.40 and support of this rectangle at 32.90 and resistance is at 34.50 till it gives a clear direction we will see sideways move between ranges of 32.90-34.50. Immediate resistance at 33.60 break will take it to 34 zones 34.06 is key resistance to watch for day break above 34.06 will take it to 34.40-34.50 zones daily close above 34.50 would signal resumption in trend and 35.70 will be next destination. Immediate support at 33.30 breaks will take it to 33.05-32.70 zones. Consolidation below 32.90 would signal failure in trend and 32.30-31 will be short term targets after confirmation
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