FXWIREPRO: Gold Falls to 4 -Week Low on the Back of Hawkish Comments from Federal Reserve

FXWIREPRO: Gold Falls to 4 -Week Low on the Back of Hawkish Comments from Federal Reserve

• XAU/USD is currently trading around $1217 mark. 
• It made intraday high at $1223 and low at $1214 levels. 
• A series of comments from Fed officials urging for another increase in interest rates has caused a confidence recovery among investors. 
• Intraday bias remains neutral for the moment 
• Current rebound from $1260 will take the parity down towards key support levels at $1212/$1208/$1202 marks respectively. 
• A daily close above $1228 will turn the bias slightly bullish and take the parity towards key resistances around $1232, $1247 and $1252 levels.
  

We prefer to take long position in XAU/USD around $1216, stop loss $1210 and target $1228/$1232 marks.

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