Gold intraday trading analysis for 14 april 2011, we recommend to trade long in Gold above 1458 level with targets as 1466 and 1471. Stop loss should be placed below 1455 level.
Why to trade long on Gold : Gold has witness profit booking in last 2 sessions. This profit booking can be seen as buying opportunity as long as gold trades above 1430 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. RSI is supported by the bullish trend line.
Near term trend is now bullish and medium term trend will also remain bullish.