FxWirePro: Gold hovers around key support at $1217, intraday bias remains neutral

            

• XAU/USD is currently trading around $1217 mark.
   
• It made intraday high at $1222 and low at $1216 levels.
   
• Intraday bias remains neutral till the time pair holds key support at $1217 marks.
   
• On the top side, initial resistance is seen at $1222 mark.
   
• Expected trading range for the day is $1212 - $1227 marks.
   
• A daily close above $1222 is required to turn the bias bullish again.
   
• On the top side, key resistances are seen around $1227, $1232 and $1247 levels.
   
• Alternatively, a sustained break below $1212 will drag the parity down towards key support levels at $1208, $1202 and $1190 marks.

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.