Gold intraday trading analysis for 4 april 2011, we recommend to trade long in Gold above 1432 level with targets as 1437 and 1441. Stop loss should be placed below 1429 level.
Reason to trade long on Gold : Gold has broken above its strong resistance of 1432, 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.