Gold spot intraday trading analysis for 27 December 2010, Gold intraday trading tips, Short (Sell) positions in Gold below 1385 with targets as 1376 and 1370. Stoploss should be placed around 1390 level.
Why to go Short: Gold is trading sluggish today also the price is capped by the declining trend line and facing strong resistance near 1388 levels, showing consolidation and hence should trade low to approach its support near 1376 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.