FxWirePro: Spot Gold Rises 1 Pct to 7-Week High of $1,280 on Weaker Dollar, Intraday Bias Remains Bullish

FxWirePro: Spot Gold Rises 1 Pct to 7-Week High of $1,280 on Weaker Dollar, Intraday Bias Remains Bullish

• XAU/USD is currently trading around $1274 mark. 
• It made intraday high at $1280 and low at $1264 levels. 
• Intraday bias remains bullish till the time pair holds immediate support at $1262 marks. 
• A daily close above $1272 will take the parity up towards $1282, $1287 and $1295 marks again. 
• Alternatively, reversal from key resistance $1282 will drag the parity down towards key support levels at $1272, $1267 and $1262 marks respectively.
  

We prefer to take long position in XAU/USD around $1274, stop loss $1262 and target $1295/$1301 marks.

The material has been provided by InstaForex Company - www.instaforex.com