FxWirePro: Spot Gold Rises 1 Pct to 7-Week High of $1,280 on Weaker Dollar, Intraday Bias Remains Bullish

FxWirePro: Spot Gold Rises 1 Pct to 7-Week High of $1,280 on Weaker Dollar, Intraday Bias Remains Bullish

29 April 2016, 07:51
Roberto Jacobs
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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



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