FxWirePro: Gold remains well supported below $1,270, UoM consumer sentiment data in focus

• XAU/USD is currently trading around $1265 marks.
   
• It made intraday high at $1269 and low at $1264 marks.
   
• Intraday bias remains bullish till the time pair holds key support at $1255 marks.
   
• A sustained break below $1252 will take the parity back below $1225 marks.
   
• Alternatively, a daily close above $1272 is required to drag the parity higher towards key resistances around $1277, $1285 and $1295 marks respectively.
   
• Key support levels are seen at $1262, $1255, $1248, $1232, $1222, $1218 and $1211 marks respectively.
   
• Later today U.S. will release UoM consumer sentiment data. Markets forecast reading to 94.1 m/m vs 94.7 m/m (revised down from 95.8) previous release. In addition, markets are getting more cautious ahead of the FOMC meeting next week where new economic projections will be released.

We prefer to take long position in XAU/USD around $1,263, stop loss $1,255 and target $1,272/ $1,282 marks.