Gold intraday trading analysis for 5 april 2011, we recommend to trade long in Gold above 1430 level with targets as 1435 and 1439. Stop loss should be placed below 1427 level.
Reason to trade long on Gold : Gold has seen the much of the profit booking in last few sessions due to uncertainty, but still it is backed by buying interest on every fall. So we will be looking buying opportunity on gold till it is trading above the 1414 levels. Daily technical indicators like RSI is also confirming up move 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.