FxWirePro: Gold Dips in Early Asia and Now Stabilizes Above $1270, Intraday Bias Remains Neutral

FxWirePro: Gold Dips in Early Asia and Now Stabilizes Above $1270, Intraday Bias Remains Neutral

12 May 2016, 07:38
Roberto Jacobs
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FxWirePro: Gold Dips in Early Asia and Now Stabilizes Above $1270, Intraday Bias Remains Neutral

  • XAU/USD is currently trading around $1272 mark. 
  • It made intraday high at $1278 and low at $1271 levels. 
  • Intraday bias remains neutral till the time pair holds immediate support at $1272 marks. 
  • A daily close above $1278 will take the parity up towards key resistances $1285(May 05, 2016 high), $1298 and $1303(May 02, 2016 high) marks respectively. 
  • Alternatively, a daily close below $1272 will drag the parity down towards key support levels at $1264, $1258 (30D EMA), $1252 (February 24, 2016 high), $1248, $1242 and $1237 marks respectively.

We prefer to take short position in XAU/USD only below $1270, stop loss $1279 and target $1264/$1256 marks.

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