Gold remains well supported above $1260, good to buy on dips
XAU/USD is currently trading around $1263. It made intraday high at $1266 and low at $1256 levels. Intraday bias remains slightly bullish till the time pair holds key support at $1248 marks. Alternatively, current reboun…
It made intraday high at $1266 and low at $1256 levels.
Intraday bias remains slightly bullish till the time pair holds key support at $1248 marks.
Alternatively, current rebound from $1226 will take the parity higher towards key resistance at $1272/$1284/$1302 marks respectively.
According to the weekly chart, if 20D EMA crosses over 30D and 55D EMA then and only then, pair likely to touch new resistance around $1307/$1329 and $1383 levels respectively.
On the down side, key support levels are seen at $1248, $1226 and $1207 marks.
Later today, US will release UoM consumer sentiment data. This will provide further direction to the parity.
We prefer to take long position in XAU/USD around $1260, stop loss $1252 and target $1283 marks.
