XAU Trading Outlook (08-03-2016)

SPI 200‏ (ASX)‏ (H6) Intraday: the upside prevails.

Pivot: 5110

Our preference: long positions above 5110 with targets @ 5200 & 5225 in extension.

Alternative scenario: below 5110 look for further downside with 5075 & 5040 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances:
5250
5225
5200
5140 Last
5110
5075
5040

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