FxWirePro: Gold Fails to Sustain Above Key Resistance at $1218, Good to Sell on Rallies

FxWirePro: Gold Fails to Sustain Above Key Resistance at $1218, Good to Sell on Rallies

• XAU/USD is currently trading around $1214 marks. 
• It made intraday high at $1219 and low at $1213 marks. 
• Intraday bias remains bearish till the time pair holds key resistance at $1222 marks. 
• A daily close above $1218 will drag the parity higher towards key resistances around $1222, $1227 and $1232 marks respectively. 
• Alternatively, current downfall from $1219 will take the parity back below $1200 marks. 
• Key support levels are seen at $1212, $1208, $1202, $1198 and $1190 marks respectively.
  

We prefer to take short position in XAU/USD around $1215, stop loss $1222 and target $1202 marks.

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