XAU Trading Outlook (24-03-2016)
SPI 200 (ASX) (M6) Intraday: the downside prevails.
Pivot: 5150
Our preference: short positions below 5150 with targets @ 5065 & 5045 in extension.
Alternative scenario: above 5150 look for further upside with 5167 & 5183 as targets.
Comment: the RSI has broken down its 30 level. The index has broken below the lower boundary of a bearish channel.
Supports and resistances:
5183
5167
5150
5078 Last
5065
5045
5010