Gold intraday trading analysis for 11 March 2011, we recommend to trade short in Gold below 1412 level with targets as 1406 and 1402. Stop loss should be placed above 1416 level.
Reason to trade short on Gold : Strong selling buy gold ETF is supporting this profit booking in yellow metal. So at current level gold seems to be overbought, hence a good selling opportunity. RSI shows bearish outlook. Trend is likely to be bearish for today’s trading.
Near term trend is now consolidation and medium term trend will also remain bullish.