FXWIREPRO: Gold Remains Supported Above $1222, Intraday Bias Remains Bullish

FXWIREPRO: Gold Remains Supported Above $1222, Intraday Bias Remains Bullish

31 March 2016, 07:15
Roberto Jacobs
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FXWIREPRO: Gold Remains Supported Above $1222, Intraday Bias Remains Bullish

  • XAU/USD is currently trading around $1226 mark. 
  • It made intraday high at $1228 and low at $1223 levels. 
  • Yesterday U.S. released ADP job data with flat numbers at 200K vs 195K expected. 
  • Intraday bias remains bullish till the time pair holds key support at $1222 marks. 
  • A daily close above $1228 is required to turn the bias bullish again. 
  • On the top side, key resistances are seen around $1232, $1247 and $1252 levels. 
  • Alternatively, a sustained break below $1222 will drag the parity down towards key support levels at $1218, $1212 and $1202 marks. 
  • Later today U.S. will release Chicago PMI data. In addition FOMC member Dudley is scheduled to speak at the Virginia Association of Economists Annual Meeting, in Lexington. This will provide further direction to the parity.

We prefer to take long position in XAU/USD around $1225, stop loss $1221 and target $1232/$1237 marks.

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

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