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

1 June 2016, 07:22
Roberto Jacobs
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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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