Gold intraday trading / technical analysis for 21 June 2011, we recommend to trade long in Gold above 1540 level for targets as 1548 and 1554. A protective stop loss order should be placed below 1537 level.
Why to buy Gold : Gold was consolidating in the small range and we were sure of a breakout. Gold is supported by the rising trend line and we see gold will further move in this direction. So we see that gold will continue its long term up trend as the technical indicators like RSI, Stochastic, and MACD are in favor of trade on 4 hour chart. Trading with the trend we will be looking for only buying opportunity as long as gold remains above the 1529 level for intraday trading. Trend is likely to be bullish for today’s trading session.
Near term trend is now consolidation and medium term trend will still remain bullish.