XAU/USD is currently trading around $1243 mark. It made intraday high at $1249 and low at $1242 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at $1260 marks. Alternatively, curren…
It made intraday high at $1249 and low at $1242 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at $1260 marks.
Alternatively, current rebound from $1260 will take the parity down towards key support levels at $1248/$1232/$1222 marks respectively.
A daily close above $1252 will turn the bias bullish and take the parity towards key resistances around $1262, $1268 and $1272 levels.
Later today, US will release new home sales data and Crude oil inventories. This will provide further direction to the parity.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
