Gold fails to break key resistance at $1248, buy on dips

• XAU/USD is currently trading around $1245 levels.
   
• It made intraday high at $1248 and low at $1236 levels.
   
• Intraday bias remains bullish till the time pair holds key support level at $1215 levels.
   
• A daily close above $1248 level will take the parity towards key resistance at $1252/$1268 thereafter.
   
• Later today, US will publish manufacturing PMI data. This will provide further directions to the parity.
   
• In addition the official China manufacturing Purchasing Managers' Index slipped from 49.4 in January to 49.0 last month, the weakest reading in more than four years.
   
• Weak China data increases global uncertainties and makes gold as safe haven asset.

We prefer to take long position in XAU/USD around $1244, stop loss $1228 and target $1268/$1292 thereafter.