Gold spot intraday trading for 20 December 2010, Gold intraday trading tips, Short (Sell) positions in Gold below 1388 with targets as 1368 and 1359. Stoploss should be placed around 1397 level.
Why to go Short: Gold is trading weak today also the price is capped by the declining trend line, showing consolidation and hence should trade low to its new support near 1368 level today. It has also been consolidating for last 12 sessions after breaking below its bulllish channel lower boundry from 7 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.