FxWirePro: Go Long on XAU/USD Above $1282 With Stop Loss at $1275 and Target of $1303

FxWirePro: Go Long on XAU/USD Above $1282 With Stop Loss at $1275 and Target of $1303

5 May 2016, 07:41
Roberto Jacobs
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FxWirePro: Go Long on XAU/USD Above $1282 With Stop Loss at $1275 and Target of $1303

  • XAU/USD is currently trading around $1280 mark. 
  • It made intraday high at $1283 and low at $1277 levels. 
  • Intraday bias remains bullish till the time pair holds immediate support at $1270 marks. 
  • A daily close above $1282 will take the parity up towards $1292, $1296, $1303, $1315 and $1327 marks respectively. 
  • Alternatively, reversal from $1289 will drag the parity down towards key support levels at $1275, $1272, $1268 and $1252 marks respectively. 
  • The ADP employment report released yesterday with lower than expected job data to 156,000 m/m vs 194,000 jobs m/m previous release.

We prefer to take long position in XAU/USD only above $1282, stop loss $1275 and target $1303 marks.

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