Gold refrain to hold above fresh 3-month high

Yellow metal hit the highest level since the beginning of November as the Federal Reserve decided to keep interest rates unchanged.

• Yesterday pair made high at $1127 levels and currently trading at $1120 levels.
   
• Pair failed to hold above major resistance of $1127 marks.
   
• Later today US will publish durable goods, pending home sales and jobless claims data which will provide further direction to the parity.
   
• Intraday bias remains bearish below $1122 mark.
   
• Major support levels are falls at $1117, $1112 and $1102 thereafter.
   
• Resistance levels are seen at $1122, $1127 and $ 1132 thereafter.

We prefer to take short position in XAU/USD around $1120, stop loss $1123 and Target $1112 levels.