XAU Trading Outlook (12-05-2016)
Gold spot Intraday: further upside
Pivot: 1270.00
Our preference: long positions above 1270.00 with targets @ 1283.10 & 1287.70 in extension.
Alternative scenario: below 1270.00 look for further downside with 1264.30 & 1256.40 as targets.
Comment: the RSI is mixed to bullish.
Supports and resistances:
1295.70
1287.70
1283.10
1277.00 Last
1270.00
1264.30
1256.40