FxWirePro: Gold hovers around $1280, good to buy on dips

 

• XAU/USD is currently trading around $1279 mark.
   
• It made intraday high at $1280 and low at $1273 levels.
   
• Intraday bias remains bullish till the time pair holds immediate support at $1270 marks.
   
• A daily close above $1282 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 $1270 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.

We prefer to take long position in XAU/USD around $1277, stop loss $1273 and target $1295 marks.