FxWirePro: Gold breaks key resistance at $1282, intraday bias remains bullish

  

• XAU/USD is currently trading around $1281mark.
   
• It made intraday high at $1283 and low at $1270 levels.
   
• Intraday bias remains bullish till the time pair holds immediate support at $1268 marks.
   
• A daily close above $1282 will take the parity up towards key resistances $1285(May 05, 2016 high), $1298 and $1303(May 02, 2016 high) marks respectively.
   
• Alternatively, a daily close below $1268 will drag the parity down towards key support levels at $1262, $1258 (30D EMA), $1252 (February 24, 2016 high), $1248, $1242 and $1237 marks respectively.

We prefer to take long position in XAU/USD only above $1282, stop loss $1275 and target $1295 marks.