MCX Bullions road map for 12 July, 2012

Gold: closed at 29265, trading range 29000-29450, trend sideways. Immediate resistance seen on 29300 stability will take it to 29360-420 zones. Key resistance will remain at 29450 todays close above 29450 would neglect fresh bearish developments otherwise weakness will remain continue in mcx gold. Stability below 29300 zones will remain supportive for bears 29200 looking good support area failure will take it to 29130-29050. 29000 can act as good psychological support failure will take it to 28930-860 zones.

Silver: closed at 52735, trading range 51900-53450, trend is sideways. Today’s trend decider level is 52700 stability above this will remain supportive for bulls and it will try to move towards 52930-53150-53300 key resistance will remain at 53450. Stability below 52700 will support intraday bears and silver may fall till 52500 important supports seen at 52450 stability below this level may trigger more weakness and silver may hit 52150-51950.

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