Gold intraday trading analysis for 3 May 2011, we recommend to trade long in Gold above 1543 level with targets as 1549 and 1554. Stop loss should be placed below 1538 level.
Why to trade long on Gold : Gold has seen good supportive buying. Also the weak Dollar is responsible for bullishness in this yellow metal. Also when we look at charts we see that gold is supported by rising trend line, indicating its bull run to continue for intraday trading. Daily technical indicators are also in favor of trade and suggests for entering long positions only. Trend is likely to be bullish for today’s trading session. RSI is also well directed and suggests for long trade only.
Near term trend is now bullish and medium term trend will also remain bullish.