GOLD (Spot) intraday: turning down.

Update on supports and resistances. ( 31/05/2012 13:32 )         

Pivot: 1571.00
Our Preference: SHORT positions below 1571 with 1558 & 1545 as next targets.
Alternative scenario: The upside penetration of 1571 will call for 1585 & 1599.
Comment: the index currently faces a challenging resistance area at 1571.
Trend: ST Consolidation; MT Range
Key levels Comment
1599** Intraday resistance
1585** Intraday resistance
1571** Intraday pivot point
1564.6 Last
1558** Intraday support
1545** Intraday support
1531** Previous low