Bullion Intraday Road Map for Feb 29, 2012

Gold: currently trading at 1787.43, day trading range will remain between 1760-1805, trend is up. Immediate support placed at 1778 a failure below 1778 will take it to 1772-1766 but 1760 will remain key support for the day and break below 1760 is less likely. Major resistance seen at 1805 above that rally till 1820-1832 area can’t be ruled out for short term.

Silver: currently trading at 36.95 day trading range will remain between 36-38.40; trend will remain up for the day. Yesterday silver has broken out its critical resistance of 35.70 and made 37.20 as day high. Immediate support placed at 36.60 failures below 36.60 may take it to 36.20-36 but 36 can act as good support for the day. No major resistance seen till 38.40 that is likely to taste in very short term. Overall this rally is open till 38.20-42 area in short term.

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