Gold trading for 13 December 2010, Gold intraday trading tips, Short (Sell) positions in Gold below 1399 with targets as 1388 and 1378. Stoploss should be placed around 1403 level.
Why to go Short: Gold is trading weak for last couple of sessions after touching its all time high last week, we expect a pullback to its support near 1388 level. It has also broken below its bullish channel lower boundary on 1 hour chart. We are now bearish for intraday trading. Also RSI lacks upward momentum.
Short term trend for Gold will be Consolidation and for medium term its bullish.