Gold spot intraday trading for 8 February 2011, Gold intraday trading tips, Add Long (Buy) positions in Gold above 1347 with targets as 1355 and 1359. Stop loss should be placed near 1344 level.
Why to go Long on Gold : Gold is on positive move and is supported by rising trend line. RSI is also well directed and hence supports the uptrend. So gold should witness more buying, hence we advice be long above above 1347 level. Trend is likely to be bullish for today’s trading.
Short term trend is still range bound however we are bullish in medium term.