Bullion MCX Intraday Road Map for Jun 01, 2012

Gold: closed at 29432, day trading range will remain between 29180-29600; trend is expected to remain sideways with high volatility. today Indian rupees expected to remain strong against us dollar that may help intraday bears in bullion. Yesterday gold broken out above 29500 but was not able to hold above resistance. Immediate support seen at 29408 failures will take it to 29360-29300 minor support at 29300 failures below 29300 may take it to 29200-180 for the day. Resistance seen at 29520 stability needed above 29525 to confirm intraday rally that will take it to 29650-700 zones for the day.

Silver: closed at 54132 day trading range will remain between 53300-55200, trend is sideways. Silver having strong hurdle 54550 stability needed above 54550 to move further upside but 55200 will remain key resistance for short term and till silver not manage to hold that level we can see a larger degree correction in silver. Intraday support seen at 53800 failure will take it to 53500-300 zones 53200 zones will remain key support zones.

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