Gold intraday trading analysis for 2 March 2011, we recommend to trade long in Gold above 1421 level with targets as 1427 and 1435. Stop loss should be placed below 1417 level.
Reason to trade Long on Gold : Strong buying is supporting gold and we are seeing a series of higher high and lower low, confirming strong trending market. So at current level gold seems to be attractive, hence a good buying opportunity. RSI shows bullish outlook. Trend is likely to be bullish for today’s trading.
Near term trend is now bullish and medium term trend will also remain bullish.