Gold spot intraday trading for 17 January 2011, Gold intraday trading tips, Short (Sell) positions in Gold below 1365 with targets as 1357 and 1352. Stop loss should be placed around 1369 level.
Why to go Short on Gold : Gold was consolidating below its support of 1365. So we are sure unless we cross 1365 level, we have upside capped near 1365. So gold should face weakness towards 1352 level. Hence trend should be bearish for intraday trading.
Short term trend is consolidation however we are bullish in medium term.