FxWirePro: Gold Range Bound in Asian Hours, Remains Well supported Above $1230

FxWirePro: Gold Range Bound in Asian Hours, Remains Well supported Above $1230

• XAU/USD is currently trading around $1233 mark. 
• It made intraday high at $1234 and low at $1229 levels. 
• Intraday bias remains bullish till the time pair holds immediate support at $1227 marks. 
• A daily close above $1242 will take the parity up towards $1250 marks again. 
• On the top side, key resistances are seen around $1237, $1242, $1257 and $1262 levels. 
• Alternatively, a sustained break below $1227 will drag the parity down towards key support levels at $1227, $1222 and $1212 marks respectively.
  

We prefer to take long position in XAU/USD around $1232, stop loss $1225 and target $1242/ $1257 marks.

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