Gold intraday trading analysis for 1 June 2011, we recommend to trade long in Gold above 1531 level for targets as 1535 and 1539. Stop loss must be placed below 1528 level.
Reason to trade long on Gold : Gold has resumed its long term up trend after trading above the 1525 support zone. we believe it is ready for the up move. So we see that gold will continue its long term trend as the technical indicators are in favor of trade on daily chart. Trading with the trend we will be looking for only buying opportunity as long as gold remains above the 1528 level for intraday trading. Trend is likely to be bullish for today’s trading session.
Near term trend is now consolidation and medium term trend will still remain bullish.