Gold spot intraday trading for 7 February 2011, Gold intraday trading tips, Add Long (Buy) positions in Gold above 1343 with targets as 1348 and 1353. Stop loss should be placed near 1339 level.
Why to go Long on Gold: Gold has given a positive breakout above 1342 level and was trading higher, this seems that gold has found its short term support as these levels. Gold is posting a rebound and should strengthen to reach its nearest resistance near 1348, the RSI indicator is showing bullish pattern. So gold should see more buying, hence we advice be long above above 1343 level. Trend is likely to be bullish for today’s trading.
Short term trend is still range bound however we are bullish in medium term.