FxWirePro: Spot Gold Rises 1 Pct to 7-Week High of $1,280 on Weaker Dollar, Intraday Bias Remains Bullish
- XAU/USD is currently trading around $1274 mark.
- It made intraday high at $1280 and low at $1264 levels.
- Intraday bias remains bullish till the time pair holds immediate support at $1262 marks.
- A daily close above $1272 will take the parity up towards $1282, $1287 and $1295 marks again.
- Alternatively, reversal from key resistance $1282 will drag the parity down towards key support levels at $1272, $1267 and $1262 marks respectively.
We prefer to take long position in XAU/USD around $1274, stop loss $1262 and target $1295/$1301 marks.
The material has been provided by InstaForex Company - www.instaforex.com