Gold intraday trading analysis for 22 March 2011, we recommend to trade long in Gold above 1420 level with targets as 1425 and 1429. Stop loss should be placed below 1418 level.
Reason to trade long on Gold : Strong buying is supporting this yellow metal, on news such as Libya and souring crude oil prices. So at current level gold seems to be attractive, hence its a good buying opportunity. Daily technical indicators like RSI is confirming bullishness in gold. Trend is likely to remain bullish for today’s trading.
Near term trend is now consolidation and medium term trend will also remain bullish.