Gold spot intraday trading for 7 January 2011, Gold intraday trading tips, Short (Sell) positions in Gold below 1378 with targets as 1365 and 1356. Stop loss should be placed around 1384 level. Also trade cautiously as NFP data will be released shortly, this may increase market volatility.
Why to go Short on Gold : Gold was trading lower due to weak US dollar and developed a bearish outlook for intraday.
Short term trend is consolidation and medium term trend for Gold is still bullish.