FxWirePro: Go Long on XAU/USD Only Above $1,248 With Stop Loss at $1,238 and Target of $1,268
- XAU/USD is currently trading around $1247 marks.
- It made intraday high at $1242 and low at $1249 marks.
- Intraday bias remains bullish till the time pair holds key support at $1232 marks.
- A sustained break below $1232 will take the parity back below $1225 marks.
- Alternatively, a daily close above $1248 is required to drag the parity higher towards key resistances around $1252, $1268 and $1272 marks respectively.
- Key support levels are seen at $1238, $1222, $1218 and $1211 marks respectively.
We prefer to take long position in XAU/USD only above $1,248, stop loss $1,238 and target $1,268/ $1,282 marks.