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