FxWirePro: Traders Enjoying Roller Coaster Movement in Gold, Hovers Around $1250 in Early Asian Hours

FxWirePro: Traders Enjoying Roller Coaster Movement in Gold, Hovers Around $1250 in Early Asian Hours

22 April 2016, 06:23
Roberto Jacobs
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FxWirePro: Traders Enjoying Roller Coaster Movement in Gold, Hovers Around $1250 in Early Asian Hours

  • XAU/USD is currently trading around $1250 mark. 
  • It made intraday high at $1252 and low at $1243 levels. 
  • Yesterday, bullion fails to sustain above $1270 on the back of unchanged ECB monetary policy statement as well as strong jobless claims from U.S. Just within an hour after the data released, gold fell from $1270 to $1247 marks. 
  • Intraday bias remains bullish till the time pair holds immediate support at $1237 marks. 
  • A daily close above $1252 will take the parity up towards $1270 marks again. 
  • On the top side, key resistances are seen around $1252, $1257, $1262 and $1270 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 only above $1252, stop loss $1237 and target $1262 marks.

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