Bullion Intraday Road Map for Mar 29, 2012

Gold: currently trading at 1660, day trading range will remain between 1624-1710, very short term trend is up. Strong support seen at 1655-54 zones break is very less likely but failure may take it to 1645-1635 zones for the day. Immediate resistance seen at 1666 penetration above 1666 will take it to 1675-1685 for the day.

Silver: currently trading at 31.99, day trading range will remain between 31.50-33.20, trend is sideways. Silver having strong support at 31.50 failures may take it to 31-30.50 for the day. Immediate resistance seen at 32.20 consolidations above 32.20 take it to 32.45-32.75 for the day. 33.20 will remain key resistance for targeting 34.40. Bears will remain active till silver trading below 32.20 for the day.

Note: till gold trading above 1655 and silver 31.80 on daily closing basis our outlook will remain bullish on both counters.

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