Bullion MCX Intraday Road Map for May 30, 2012

Gold: closed at 28859, day trading range will remain between 28700-29100, trend will remain down, but weakness in Indian rupees may support bullion prices in domestic markets. Immediate support seen at 28800 failures will take it to 28740-680 for the day; it is expected to take support at 28700-680 zones, if fails to hold these supports then gold may fall till 28530 for the day. Immediate resistance seen at 28970 stability above this level may take it to 29040-29070 zones. 29200 will remain key resistance for short term.

Silver: closed at 53964 day trading range will remain between 53000-55000, trend down. Immediate support seen around 53700-750 zones failure below these levels will take it to 53400-53100 for the day. 53000 will remain good psychological support for short term failure below 53000 may take it to 52100-51300 in short term. 54220 will remain trend decider stability above 54220 may supply some power to intraday bulls that may take it to 54500-54700 zones but 55000 will remain key resistance for short term and 2 consecutive close needed above 55000 to confirm a rise till 56500 zones.

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