XAU/USD hovers around major resistance at $1127 levels

• Pair is currently trading at $1126 levels.
   
• It made intraday high at $1130 and low at $1124 levels.
   
• If pair hold and made daily close above $1127 levels then next likely level is $1152.
   
• Alternatively, reversal from this level may bring the parity down around $1117 levels.
   
• Initial resistance levels are seen at $1127, $1132 and $1152 thereafter.
   
• Major support levels are falls around $1122, $1117 and $1112 thereafter.

We prefer to take long position on XAU/USD around $1123 levels, stop loss $1115 levels and target $1152 levels.