XAU/USD is currently trading at $1229 levels. It made intraday high at $1237 and low at $1225 levels. A daily close below $1222 will drag the parity towards $1212/$1202 thereafter. Alternatively, reversal from $1226 will…
It made intraday high at $1237 and low at $1225 levels.
A daily close below $1222 will drag the parity towards $1212/$1202 thereafter.
Alternatively, reversal from $1226 will take the parity back above $1250/$1262 levels.
In addition, 20D, 30D and 55D EMA heads up and confirms bullish trend.
Later today, US will release retails sales as well as PPI data. This will provide further direction to the parity but main focus will stay on tomorrow's FOMC announcement.
We prefer to take long position in XAU/USD around $1228-$1230, stop loss $1226 and target $1232/$1237 levels.
