Gold intraday trading analysis for 11 April 2011, we recommend to trade long in Gold above 1471 level with targets as 1480 and 1488. Stop loss should be placed below 1467 level.
Why to trade long on Gold : Gold has given a breakout trading opportunity last week, and we have seen the strong rally heeding towards 1488 level. So we will be looking buying opportunity on gold till it is trading above the 1464 level. Daily technical indicators are also confirming up move and results for entering long positions only. Trend is likely to be bullish for today’s trading session.
Near term trend is now bullish and medium term trend will also remain bullish.