FxWirePro: A big day for Gold as markets await FOMC

                                                                                   

• XAU/USD is currently trading around $1243 mark.
   
• It made intraday high at $1246 and low at $1242 levels.
   
• Intraday bias remains bullish till the time pair holds immediate support at $1231 marks.
   
• A sustained close above $1242 will take the parity up towards $1252 marks again.
   
• On the top side, key resistances are seen around $1242, $1247, $1252 and $1262 levels.
   
• Alternatively, a sustained break below $1242 will drag the parity down towards key support levels at $1237, $1232 and $1227 marks respectively.
   
• Later today, U.S. will announce interest rate decision as well as FOMC statement. This will provide further direction to the parity.

We prefer to take long position in XAU/USD around $1242, stop loss $1231 and target $1257/$1270 marks.