Gold spot intraday trading for 17 December 2010, Gold intraday trading tips, Short (Sell) positions in Gold below 1385 with targets as 1365 and 1356. Stoploss should be placed around 1394 level.
Why to go Short: Gold is trading weak today also the RSI reports weak momentum, we expect a pullback to its new support near 1384 level today. It has also been consolidating for last 8 sessions after breaking below its bullish channel lower boundary from 8 Dec 2010. We are now bearish for intraday trading.
Short term trend for Gold will be in Consolidation phase and for medium term it is still bullish.