XAU Trading Outlook (27-01-2016)

S&P 500 (CME) (H5) Intraday: the downside prevails.

Pivot: 2054

Our preference: Short positions below 2054 with targets @ 2036 & 2027 in extension.

Alternative scenario: Above 2054 look for further upside with 2065 & 2082 as targets.

Comment: As long as 2054 is resistance, look for choppy price action with a bearish bias.

Supports and resistances:

2082 ***

2065 *

2054 ***

2044 Last

2036 ***

2027 **

2020 **

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