XAU Trading Outlook (31-05-2016)
Gold spot Intraday: capped by a negative trend line
Pivot: 1223.00
Our preference: short positions below 1223.00 with targets @ 1190.00 & 1181.00 in extension.
Alternative scenario: above 1223.00 look for further upside with 1234.50 & 1242.50 as targets.
Comment: as long as 1223.00 is resistance, look for choppy price action with a bearish bias.
Supports and resistances:
1242.50
1234.50
1223.00
1211.00 Last
1190.00
1181.00
1170.00