FxWirePro: Go Long on XAU/USD Only Above $1,248 With Stop Loss at $1,238 and Target of $1,268

FxWirePro: Go Long on XAU/USD Only Above $1,248 With Stop Loss at $1,238 and Target of $1,268

8 June 2016, 06:53
Roberto Jacobs
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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.

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