Bullion Intraday Road Map for Apr 18, 2012

Gold: currently trading at 1652.73, day trading range will remain between 1628-1685; intraday trend is expected to remain sideways with bullish bias. 1653-1655 zones are important to watch stability above 1655 zones would signal intraday advance till 1670-1680 zones. Stability above 1685 zones would supply power to short term bulls and and gold will try to taste 1703-1724 zones in short term. Immediate support seen at 1648 failure will take it to 1640-1634 zones, 1628 will remain key support and stability below 1628 would signal resumption to bearish move.

Silver: Currently trading at 31.80 day trading range will remain between 31-33.20; intraday trend will remain sideways with bullish bias. Immediate resistance seen at 31.90 stability above 31.90 would signal an advance till 32.15-32.60 and 33.20 will remain key resistance for very short term. Immediate support seen at 31.60 stability below 31.60 would take it to 31.30-31 areas for the day and 30.90 will remain key support for short term and failure below 30.90 would signal a short term decline till 29.60-26.60.

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