Gold intraday trading analysis for 28 March 2011, we recommend to trade short in Gold below 1419 level with targets as 1414 and 1408. Stop loss should be placed above 1422 level.
Reason to trade Short on Gold : Gold has broken below its strong support, Also Gold lacks the upward momentum in near term. So we can conclude that this yellow metal is more likely to weaken and touch its next support level, hence its a good selling opportunity. Daily technical indicators are also confirming this and results for caution in gold. Trend is likely to remain bearish bias for today’s trading.