Gold spot intraday trading for 23 February 2011, Gold intraday trading tips, Add Long (Buy) positions in Gold above 1399 with targets as 1405 and 1412. Stop loss should be placed below 1395 level.
Why to go Long on Gold : A strong breakout (21 February 2011) above 1383 level is a positive sign for the uptrend, also gold is supported by the rising trend line. However, RSI is well directed and is supporting the upside from current levels. Trend is likely to be bullish for today’s trading.
Short term trend is now bullish and for medium term also we remain bullish.