XAU Trading Outlook (29-02-2016)

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

Pivot: 4895

Our preference: short positions below 4895 with targets @ 4800 & 4775 in extension.

Alternative scenario: above 4895 look for further upside with 4970 & 5010 as targets.

Comment: as long as 4895 is resistance, look for choppy price action with a bearish bias.

Supports and resistances:
5010
4970
4895
4869 Last
4800
4775
4730

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