Gold spot intraday trading for 16 December 2010, Gold intraday trading tips, Short (Sell) positions in Gold below 1395 with targets as 1384 and 1377. Stoploss should be placed around 1401 level.
Why to go Short: Gold is trading weak for last couple of sessions after touching its all time high last week, we expect a pullback to its support near 1384 level today. It has also been consolidating for last 6 sessions after breaking below its bullish channel lower boundary. We are now bearish for intraday trading. Also RSI lacks upward momentum.
Short term trend for Gold will be Consolidation and for medium term its bullish.