Gold spot Intraday: key resistance at 1261.50

xauusd20160522
Pivot: 1261.50

Our preference: short positions below 1261.50 with targets @ 1244.00 & 1237.00 in extension.
Alternative scenario: above 1261.50 look for further upside with 1269.00 & 1276.00 as targets.
Comment: the upward potential is likely to be limited by the resistance at 1261.50.

Supports and resistances:
1276.00
1269.00
1261.50
1251.93 Last
1244.00
1237.00
1231.00