FxWirePro: Traders enjoying roller coaster movement in Gold, hovers around $1250 in early Asian hours
XAU/USD is currently trading around $1250 mark. It made intraday high at $1252 and low at $1243 levels. Yesterday, bullion fails to sustain above $1270 on the back of unchanged ECB monetary policy statement as well as st…
It made intraday high at $1252 and low at $1243 levels.
Yesterday, bullion fails to sustain above $1270 on the back of unchanged ECB monetary policy statement as well as strong jobless claims from U.S. Just within an hour after the data released, gold fell from $1270 to $1247 marks.
Intraday bias remains bullish till the time pair holds immediate support at $1237 marks.
A daily close above $1252 will take the parity up towards $1270 marks again.
On the top side, key resistances are seen around $1252, $1257, $1262 and $1270 levels.
Alternatively, a sustained break below $1242 will drag the parity down towards key support levels at $1237, $1227, $1222 and $1212 marks respectively.
We prefer to take long position in XAU/USD only above $1252, stop loss $1237 and target $1262 marks.
