FXWIREPRO: Gold Back Below $1230, Good to Buy on Dips

FXWIREPRO: Gold Back Below $1230, Good to Buy on Dips

6 April 2016, 06:41
Roberto Jacobs
0
10

FXWIREPRO: Gold Back Below $1230, Good to Buy on Dips

  • XAU/USD is currently trading around $1228 mark. 
  • It made intraday high at $1230 and low at $1228 levels. 
  • Intraday bias remains bullish till the time pair holds key support at $1222 marks. 
  • On the top side, initial resistance is seen at $1232 mark. 
  • Expected trading range for the day is $1225 - $1242 marks. 
  • A daily close above $1232 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 only above $1230, stop loss $1222 and target $1242 marks.

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


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