FXWIREPRO: Gold Fails to Break Key Resistance at $1242, Good to Buy on Dips
8 April 2016, 06:24
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FXWIREPRO: Gold Fails to Break Key Resistance at $1242, Good to Buy on Dips
- XAU/USD is currently trading around $1237 mark.
- It made intraday high at $1240 and low at $1235 levels.
- Federal Reserve Board Chair Janet Yellen said Thursday the central bank remains on track to gradually raise interest rates if the economy continues to evolve as expected.
- Yellen added, though, "Monetary policy is not on any preset course" and she reiterated the central bankers approach that any decision to raise rates will be data dependent only.
- Intraday bias remains bullish till the time pair holds key support at $1222 marks.
- A daily close above $1242 is required to turn the bias bullish again.
- On the top side, key resistances are seen around $1247, $1252 and $1267 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 at $1234, stop loss $1222 and target $1232/$1252 marks.
The material has been provided by InstaForex Company - www.instaforex.com
