Gold trading analysis for 1 March 2011, Gold intraday trading tips, trade long in Gold above 1411 level with targets as 1417 and 1423. Stop loss should be placed below 1407 level.
Reason to go Long on Gold : Strong buying is supporting gold and we are seeing a bounce from the rising channel’s lower boundary, which is acting as a support for the upward momentum. So at this time gold seems to be a good buying opportunity. RSI is rebounding and is showing bullish sign. Trend is likely to be bullish for today’s trading.
Near term trend is now bullish and medium term trend will also remain bullish.
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