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- XAU/USD is currently trading around $1254 mark.
- It made intraday high at $1259 and low at $1252 levels.
- Intraday bias remains bullish for the moment.
- A daily close above $1262 will take the parity up towards key resistances $1268, $1285(May 05, 2016 high), $1298 and $1303(May 02, 2016 high) marks respectively.
- Alternatively, a daily close below $1252 will drag the parity down towards key support levels at $1248, $1242 and $1237 marks respectively.
- Today is the 1st day of G7 meeting and this will provide further direction to the parity.
We prefer to take long position in XAU/USD around $1254, stop loss $1242 and target $1277 marks.
