Gold intraday trading analysis for 25 May 2011, we advice intraday traders to enter long position in Gold above 1524 level for targets as 1530 and 1535. Also a protective stop loss should be placed below 1521 level.
Reason to trade long on Gold : Gold has bounced from its short term corrective cycle, we believe it is ready for the up move. So we see that gold will continue its long term trend as the technical indicators are in favor of trade on daily chart. Trading with the trend we will be looking for only buying opportunity as long as gold remains above the 1521 level for intraday trading. Trend is likely to be bullish for today’s trading session.