FXWIREPRO: Gold Breaks Key Resistance at $1222, Intraday Bias Remains Bullish

FXWIREPRO: Gold Breaks Key Resistance at $1222, Intraday Bias Remains Bullish

5 April 2016, 06:57
Roberto Jacobs
0
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FXWIREPRO: Gold Breaks Key Resistance at $1222, Intraday Bias Remains Bullish

  • XAU/USD is currently trading around $1225 mark. 
  • It made intraday high at $1226 and low at $1214 levels. 
  • Intraday bias remains bullish till the time pair holds key support at $1214 marks. 
  • On the top side, initial resistance is seen at $1227 mark. 
  • Expected trading range for the day is $1222 - $1232 marks. 
  • A daily close above $1222 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 $1214, $1208, $1202 and $1190 marks.

We prefer to take long position in XAU/USD around $1223, stop loss $1214 and target $1237 marks.

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

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