Gold spot intraday trading for 23 December 2010, Gold intraday trading tips, Short (Sell) positions in Gold below 1386 with targets as 1377 and 1371. Stoploss should be placed around 1392 level.
Why to go Short: Gold is trading weak today also the price is capped by the declining trend line and facing strong resistance near 1389 levels, showing consolidation and hence should trade low to its new support near 1379 level today. We have a bearish outlook for gold today.
Short term trend for Gold will be in Consolidation phase and for medium term it is still bullish.