Gold spot intraday trading for 19 January 2011, Gold intraday trading tips, Add Long (Buy) positions in Gold above 1377 with targets as 1382 and 1386. Stop loss should be placed near 1373 level.
Why to go Long on Gold : Gold was trading with high volatility. But we are sure this consolidation cannot be ruled out for more extend, we have now downside capped near 1370. So gold should see good buying, hence advance towards 1382 level. Trend is likely to be bullish for intraday trading.
Short term trend is still consolidation however we are bullish in medium term.