MCX Bullions road map for 23 July, 2012

Gold: closed at 29277, trading range 29100-29380, trend sideways. Immediate resistance seen at 29310 stability above 29310 will take it to 29360-450 for the day. Stability below 29310 will remain supportive for intraday bears and gold will try to head towards 29220-29180 zones. Key support will remain at 29100 failure would signal decline till 28900-28600 zones. Important resistance to watch is 29380 stability above this level will remain supportive for bulls.

Silver closed at 52842, day trading range will remain between 52000-53500, trend is sideways. Immediate resistance seen at 53120 stability above this level will remain supportive for bulls and silver may head towards 53300-53500 zones. Key resistance will remain at 54500 for short term. Immediate support seen at 52600 failures may take it to 52450-52250 zones but 52200 will remain important to watch failure may trigger weakness that will take it to 51700-51400 zones.

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