Gold intraday trading analysis for 30 March 2011, we recommend to add long positions in Gold above 1424 level with targets as 1428 and 1431. Stop loss should be placed below 1422 level.
Reason to trade long on Gold : Gold has broken above its strong resistance of 1423, Also Gold has built the upward momentum from previous sessions. So we can conclude that this yellow metal is more likely to strengthen and touch its next resistance level, hence its a good buying opportunity. Daily technical indicators are also confirming this and results for entering long positions only. Trend is likely to remain bullish for today’s trading.
Near term trend is now consolidation and medium term trend will also remain bullish.