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Gold prices rose on Tuesday, with futures for gold trading 3.40% higher at $1200.77 per troy ounce on Monday.
- In addition, falling oil prices make the Gold as safe haven asset.
- It made intraday high at $1195 and low $1188 levels.
- On the top side, resistance levels are seen at $1200, $1205 and $1218 thereafter.
- Alternatively, reversal from $1200levels may drag the parity towards $1172 levels.
- On the down side support levels are seen at $1188, $1182 and $1175 levels.
We maintain our bullish bias on XAU/USD. We prefer to take long position on XAU/USD around $1190, stop loss $1175 and target $1205 levels.
