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Gold (Spot) Trading Analysis for 17 May 2011, Sell below 1492

By Bhaveek Patel Leave a Comment

Gold intraday trading analysis for 17 May 2011, we recommend to trade short in Gold below 1492 level with targets as 1485 and 1478. Stop loss should be placed above 1497 level.

Why to trade short on Gold : Gold was seen huge selling last week, also the strong US dollar was responsible for selling in gold. When we look at charts we see that gold will still continue its selling as it has broke below its rising trend line, indicating consolidation in near term to continue. Daily technical indicators are also in favor of short positions only. Trend is likely to be bearish for today’s trading session. RSI is also badly directed and suggests for short trade only.

Near term trend is now consolidation and medium term trend will still remain bullish.

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Category: Gold Tags: gold/ Gold Analysis/ Gold Trading

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

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