FxWirePro: Gold Breaks Key Resistance at $1282, Intraday Bias Remains Bullish

FxWirePro: Gold Breaks Key Resistance at $1282, Intraday Bias Remains Bullish

16 May 2016, 11:18
Roberto Jacobs
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FxWirePro: Gold Breaks Key Resistance at $1282, Intraday Bias Remains Bullish - We Prefer Take Long Position

  • XAU/USD is currently trading around $1281mark. 
  • It made intraday high at $1283 and low at $1270 levels. 
  • Intraday bias remains bullish till the time pair holds immediate support at $1268 marks. 
  • A daily close above $1282 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 $1268 will drag the parity down towards key support levels at $1262, $1258 (30D EMA), $1252 (February 24, 2016 high), $1248, $1242 and $1237 marks respectively.

We prefer to take long position in XAU/USD only above $1282, stop loss $1275 and target $1295 marks.

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