Bullion Intraday Road Map for May 03, 2012

Gold: trading at 1649, day trading range will remain between 1624-1675, intraday trend is down. Immediate support seen at 1644. Failure below 1644 will take it to 1635-1632 zones but 1624 zones will remain key support for short term. In case of failure below 1624 on daily close basis fall till 1585-1525 can’t be ruled in short term. Intraday key resistance at 1658 stability above 1658 will take it to 1665-1672 zones for the day.

Silver: currently trading at 30.46, day trading range will remain between 29.90-31.50, trend is bearish. Immediate support seen at 30.30 stability below 30.30 will take it to 30-29.90 zones for the day. Daily close below 30 would signal fall till 28.60-26.30 in short term. Immediate resistance seen at 30.70 stability above 30.70 may take it to 31-31.10 but stability needed above 31.50 to confirm further upside otherwise short term trend will remain down.

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