FxWirePro: Short XAU/USD Around $1210 With Stop Loss at $1218 and Target of $1195
- XAU/USD is currently trading around $1211 marks.
- It made intraday high at $1211 and low at $1206 marks.
- Intraday bias remains bearish till the time pair holds key resistance at $1220 marks.
- A daily close above $1218 will drag the parity higher towards key resistances around $1222, $1227 and $1232 marks respectively.
- Alternatively, a sustained break below $1202 will take the parity back below $1200 marks.
- Key support levels are seen at $1208, $1202, $1198 and $1190 marks respectively.
- Important to note here that, 20D, 30D and 55D EMA heads down in a daily chart and a daily close below $1202 will confirm the bearish trend too. Current upside movement is short term trend correction only.
We prefer to take short position in XAU/USD around $1211, stop loss $1218 and target $1195 marks.