Bullion MCX Intraday Road Map for May 31, 2012

Gold: Gold MCX August contract closed at 29488, day trading range is expected to remain between 29100-28700, euro/used trading in over sold territory that will trigger higher volatility in bullions. Rupees also weakening against dollar that will support bullions in domestic markets. Immediate resistance seen at 29500 break will take it to 29570-640 but 29670-700 zones will remain key resistance zones. Immediate support seen at 29400 failures would signal intraday consolidation between 29200-29500 and will try to taste 29300 zones. Failure below 29300 is less likely but may fall towards 29240-170 key support will remain at 29100.

Silver: closed at 54483, trading range 53300-55600, trend sideways. Immediate support at 54200 that will act as trend decider stability above 54200 would support bulls and will help this metal to move upside till 54800-55000 but 55120-200 zones are important to watch stability above 55200 would signal a short term rally till 55550-56400-56700. Below 54200 it will try to move towards 53980 failures below 53900 zones is less likely but failure will take it to 53600-53300 zones. Key support will remain at 53200 failure would offer 52500-51300 as target zones.

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