Gold spot intraday trading for 21 January 2011, Gold intraday trading tips, Add Short (Sell) positions in Gold below 1354 with targets as 1342 and 1337. Stop loss should be placed near 1358 level.
Why to go Short on Gold : Gold was trading lower challenging its support of 1342. But 4 hour chart tells us we have now downside till we are below 1358 level. So gold should see more selling pressure, hence we advice go short below 1354 level. Trend is likely to be bearish for today’s trading.
Short term trend is still consolidation however we are bullish in medium term.