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Bullion Intraday Road Map for Mar 01, 2012


Gold: currently trading at 1721.58 yesterday panic selling seen below 1760 that was key support mentioned by us in yesterday’s update. Today day trading range will remain between 1660-1760, trend will remain down. Immediate resistance placed at 1732 consolidation above 1732 would take it to 1742-52-1758 zones for the day. 1760-1762 zones will remain key resistance for day and reversal can’t be ruled out from 1758-60 zones. Important support for the day is 1700-1680-1666. Selling around 1750-60 zones would be good trading decision with stop above 1788 for expected targets around 1666-1645.

Silver: currently trading at 35.11 yesterday nice support seen at 34 as we were expecting 34 as key support for this swing and silver jumped from expected levels. Intraday trading range will remain between 34-36 trend is sideways till trading above 34. Immediate resistance seen at 35.40 consolidations above 35.40 would take it to 35.75-36.20 for the day but 36.20 will remain key resistance and reversal is likely from 35.70-36 zones. important support for the day are 34.50-33.90 failure below 33.90 would signal another sharp fall that may take it to 32.90 and more down side and would signal short term consolidation between 32-36 for silver. Selling on rise can be good trading decision, 36.20 will remain key resistance for the day.
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