Gold intraday trading analysis for 20 April 2011, we recommend to trade long in Gold above 1499 level with targets as 1508 and 1513. Stop loss should be placed below 1496 level.
Why to trade long on Gold : Gold has seen good supportive buying. Also the Dollar factor is responsible for bullishness in this yellow metal. Also when we look at charts we see that gold is supported by rising trend line, indicating bullish outlook for intraday trading. Daily technical indicators are also confirming this up move and results for entering long positions only. Trend is likely to be bullish for today’s trading session. RSI has broke above the declining trend line and is now bullish.
Near term trend is now bullish and medium term trend will also remain bullish.