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Bullions road map for 11 Jun, 2012


Gold: closed at 29536 day trading range between 29300-29800, trend will remain sideways for short term with trading range between 29100-30300. Immediate resistance seen at 29650 stability needed above 29650 to confirm recovery of Thursdays fall and it will try to taste 29750-800 zones. Immediate support seen at 29500 failures may trigger intraday weakness and gold may taste 29460-29420 for the day key support will remain at 29300-280 zones. Stability above 29300 will be supportive for bulls and gold will remain open to taste 29800-30200 in near term. Failure below 29300 may neglect our bullish expectations.

Silver: closed at 54201, trading range will remain between 53800-55800, short term trend is sideways. Immediate resistance at 54380 penetration of resistance will supply power to bulls and it will try to taste 54700-750 zones. Stability above 54800 would supply more power to intraday bulls and retest of 55100-55800 zones possible after a successive breakout above 54800. Immediate support seen at 54000 failures may trigger intraday weakness and it may try to taste 53850-800 zones for the day.  53500 will remain key support for intraday and 53800 will remain key support for short term on daily closing basis and recent bullish development will remain intact.

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