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- Pair is currently trading at $1260 marks.
- It made intraday high at $1268 and low at $1256 levels.
- February US non-farm payrolls far outpaced estimates on Friday; however, average hourly earnings data were less notable. Around 242,000 jobs were added to the economy last month, beating the 195,000 jobs projected by analysts and keeping the unemployment rate at an eight-year low of 4.9%.
- Average hourly earnings fell 0.1% month-on-month in February, missing the 0.2% rate of growth expected.
- Intraday bias remains neutral for the moment.
- On the top side, key resistance falls at $1278 levels.
- Alternatively, reversal from key resistance levels will drag the parity back below $1250 marks.
- Later today, FOMC member Brainard and Fischer will speak on economic outlook. This will provide further directions to the parity.
We prefer to take long position in XAU/USD around $1260, stop loss $1248 and target $1278/$1292 levels.
