FxWirePro: Gold fails to break key resistance at $1242, good to buy on dips

                 

• XAU/USD is currently trading around $1237 mark.
   
• It made intraday high at $1240 and low at $1235 levels.
   
• Federal Reserve Board Chair Janet Yellen said Thursday the central bank remains on track to gradually raise interest rates if the economy continues to evolve as expected.
   
• Yellen added, though, "Monetary policy is not on any preset course" and she reiterated the central bankers approach that any decision to raise rates will be data dependent only.


• Intraday bias remains bullish till the time pair holds key support at $1222 marks.
   
• A daily close above $1242 is required to turn the bias bullish again.
   
• On the top side, key resistances are seen around $1247, $1252 and $1267 levels.


• Alternatively, a sustained break below $1222 will drag the parity down towards key support levels at $1214, $1208, $1202 and $1190 marks.

We prefer to take long position in XAU/USD at $1234, stop loss $1222 and target $1232/$1252 marks.