FxWirePro: Gold almost flat above $1250, intraday bias remains neutral
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 resistan…
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.
