Gold spot intraday trading for 21 December 2010, Gold intraday trading tips, Short (Sell) positions in Gold below 1390 with targets as 1379 and 1372. Stoploss should be placed around 1395 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 1379 level today. It has also been consolidating for last 13 sessions after breaking below its bullish channel lower boundary 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.