Gold has become the favorite investment of the people over the time and this becomes difficult for traders to enter the buy/sell trade so we are here with our daily articles on gold trading. Gold intraday trading analysis for 30 June 2011, we recommend to trade long in Gold above 1504 level for targets as 1511 and 1515. A protective stop loss order should be placed under the 1500 level.
Why to trade long on Gold : After touching the 1559 level the gold has fallen about $80 to 1490 level and this can be a very good buying opportunity as investors are extremely bullish for the long term, even this buy trade is backed by the technical analysis and recommends us to trade long only in the direction of trend. 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 1500 level for today’s trading session. Trend is most likely to be bullish today.