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Gold (Spot) Trading Analysis for 7 January 2011, Sell Below 1378

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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.

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    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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