FXWIREPRO: Gold Breaks All the Key Supports and falls Below $1210, Intraday Bias Remains Bearish

FXWIREPRO: Gold Breaks All the Key Supports and falls Below $1210, Intraday Bias Remains Bearish

28 March 2016, 05:45
Roberto Jacobs
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FXWIREPRO: Gold Breaks All the Key Supports and falls Below $1210, Intraday Bias Remains Bearish

  • XAU/USD is currently trading around $1209 mark. 
  • It made intraday high at $1216 and low at $1208 levels. 
  • Gold opens flat at $1216 and falls after 3 -day holidays to $1208 marks. 
  • Intraday bias remains bearish for the moment 
  • A sustained break below $1208 will drag the parity down towards key support levels at $1202, $1195 and $1190 marks. 
  • Alternatively, a daily close above $1218 will turn the bias slightly bullish and take the parity towards key resistances around $1228, $1232 and $1247 levels.

We prefer to take long position in XAU/USD around $1210, stop loss $1207 and target $1218/$1222 marks.

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

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