Bullion Intraday Road Map for Feb 22, 2012

Gold : currently trading at 1754.77, day trading range will remain between 1720-1765 trend is up. Immediate resistance seen at 1763 and gold is likely to taste 1745-1738 zones before further upside. Short term technical indicators with overbought reading supporting retest of 1745-1738 zones. 1730 intraday down side only possible below 1730-1728 zones otherwise jump can’t be ruled out from 1742-1738 zones.

Silver: currently trading at 34.19, day trading range will remain between 33-35.20, trend will remain up. Immediate resistance seen at 34.50 till silver trading below this level retest to 34-33.70 can’t be ruled out. 33.30.33.20 zones will remain key support for the day, and jump can’t be ruled out after intraday correction. Consolidation above 34.50 zones would signal a rally till 35.70-36 zones for short term.

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