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- XAU/USD is currently trading around $1280 mark.
- It made intraday high at $1287 and low at $1278 levels.
- Intraday bias remains bullish till the time pair holds immediate support at $1277 marks.
- A daily close above $1282 will take the parity up towards $1292, $1296, $1303, $1315 and $1327 marks respectively.
- Alternatively, reversal from $1301 will drag the parity down towards key support levels at $1277, $1272 and $1268 marks respectively.
- The ADP employment report will be released later in the day, with the market predicting the private sector created 205,000 new jobs in April, following 200,000 a month before.
We prefer to take long position in XAU/USD only above $1282, stop loss $1277 and target $1296/$1303 marks.
