Gold intraday trading analysis for 29 april 2011, we recommend to trade long in Gold above 1529 level with targets as 1538 and 1543. Stop loss should be placed below 1525 level.
Why to trade long on Gold : Gold has seen good supportive buying. Also the weak Doller 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 its bull run to continue for intraday trading. Daily technical indicators are also in favor of trade and suggests 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 reporting bullishness in near term.
Near term trend is now bullish and medium term trend will also remain bullish.