FxWirePro: Gold dips in early Asia and now stabilizes above $1270, intraday bias remains neutral

                                                               

• XAU/USD is currently trading around $1272 mark.
   
• It made intraday high at $1278 and low at $1271 levels.
   
• Intraday bias remains neutral till the time pair holds immediate support at $1272 marks.
   
• A daily close above $1278 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 $1272 will drag the parity down towards key support levels at $1264, $1258 (30D EMA), $1252 (February 24, 2016 high), $1248, $1242 and $1237 marks respectively.

We prefer to take short position in XAU/USD only below $1270, stop loss $1279 and target $1264/$1256 marks.