FxWirePro: Gold fails to sustain above $1280, FOMC meeting minutes in focus

                                                     

• XAU/USD is currently trading around $1273 mark.
   
• It made intraday high at $1281 and low at $1273 levels.
   
• Intraday bias remains bearish for the moment.
   
• 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 $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.
   
• Later today U.S will release FOMC meeting minutes at 0600 GMT. It will be scrutinized further for the odds of June hike.

We prefer to take long position in XAU/USD around $1270, stop loss $1258 and target $1285 marks.