Gold spot intraday trading for 21 February 2011, Gold intraday trading tips, Add Long (Buy) positions in Gold above 1392 with targets as 1400 and 1405. Stop loss should be placed below 1390 level.
Why to go Long on Gold : Gold has shown a strong breakout above 1383 level which is a positive sign for the trend, also gold is supported by the rising trend line. However, RSI is also supporting the upside from current levels. Trend is likely to be bullish for today’s trading.
Short term trend is now bullish and for medium term also we remain bullish.
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It seems that people keep on buying precious metals and driving their prices up…
Yes Forex-metal you are right, Gold is bought by large institution, hedge funds, ETF, retail traders it is recognized as a safe haven.
Also gold has been continuing its bullish trend for several years.