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Gold remains supported above $1250, intraday bias remains neutral

  • XAU/USD is currently trading around $1252.
     
  • It made intraday high at $1255 and low at $1250 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at $1258 marks.
     
  • Alternatively, current rebound from $1270 will take the parity down towards key support levels at $1248/$1232/$1222 marks respectively.
     
  • According to the weekly chart, 20D EMA crosses over 30D and 55D EMA and confirms bullish trend. In such scenario, pair likely to touch new resistances around $1307/$1329 and $1383 levels respectively.
     
  • Later today, US will release existing home sales data. This will provide further direction to the parity.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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