FxWirePro: Gold Trading in Narrow Range, Good to Buy Above $1268

FxWirePro: Gold Trading in Narrow Range, Good to Buy Above $1268

10 May 2016, 10:32
Roberto Jacobs
0
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FxWirePro: Gold Trading in Narrow Range, Good to Buy Above $1268

  • XAU/USD is currently trading around $1266 mark. 
  • It made intraday high at $1267 and low at $1259 levels. 
  • Intraday bias remains bullish till the time pair holds immediate support at $1258 marks. 
  • A daily close above $1268 will take the parity up towards $1272, $1285, $1298 and $1303 marks respectively. 
  • Alternatively, a daily close below $1258 will drag the parity down towards key support levels at $1252, $1248, $1242 and $1237 marks respectively.

We prefer to take long position in XAU/USD only above $1268, stop loss $1258 and target $1280/$1292 marks.

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