Gold spot intraday trading for 1 February 2011, Gold intraday trading tips, Add Long (Buy) positions in Gold above 1329 with targets as 1339 and 1344. Stop loss should be placed near 1325 level.
Why to go Long on Gold : Gold was trading higher seems that gold has found its support as the price is posting a rebound and should strengthen to reach its nearest resistance near 1345, the RSI indicator is mixed with a bullish bias. So gold should see more buying, hence we advice go long above above 1329 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.