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- XAU/USD is currently trading around $1232 levels.
- It made intraday high at $1234 and low at $1229 levels.
- Intraday bias remains bullish for the moment.
- A sustained break below $1226 will turn the bias slightly negative and drag the parity towards key support at $1218/$1212 and $1208 thereafter.
- Alternatively, reversal from key support will take the back above $1250 marks.
- On the top side, key resistances are seen at $1237, $1242 and $1252 thereafter.
- The key event for the day is FOMC and interest rate decision. Market will closely watch any hint regarding further interest rate changes.
We prefer to take long position in XAU/USD around $1230, stop loss $1225 and target $1237/$1242 levels.
