Gold intraday trading analysis for 16 June 2011, we recommend to trade long in Gold above 1522 level for targets as 1533 and 1544. A protective stop loss order should be placed below 1518 level.
Reason to trade long on Gold : In the last few sessions Gold was consolidating in the small range and we are sure a breakout will be followed soon. we believe it is ready for the up move. So we see that gold will continue its long term trend as the technical indicators like RSI, Stochastic, and MACD are in favor of trade on 4 hour chart. Trading with the trend we will be looking for only buying opportunity as long as gold remains above the 1507 level for intraday trading. Trend is likely to be bullish for today’s trading session.
Near term trend is now consolidation and medium term trend will still remain bullish.