FxWirePro: Gold Refrains to Fall Below Key Support at $1242, Intraday Bias Remains Bullish

FxWirePro: Gold Refrains to Fall Below Key Support at $1242, Intraday Bias Remains Bullish

21 April 2016, 06:11
Roberto Jacobs
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FxWirePro: Gold Refrains to Fall Below Key Support at $1242, Intraday Bias Remains Bullish

  • XAU/USD is currently trading around $1248 mark. 
  • It made intraday high at $1251 and low at $1242 levels.
  • Intraday bias remains bullish till the time pair holds immediate support at $1242 marks. 
  • A daily close above $1252 is required to take the parity up towards $1268 marks again. 
  • On the top side, key resistances are seen around $1252, $1257 and $1262 levels.
  • Alternatively, a sustained break below $1242 will drag the parity down towards key support levels at $1237, $1227, $1222 and $1212 marks respectively.

We prefer to take long position in XAU/USD around $1248, stop loss $1242 and target $1262 marks.

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