- Gold erased its previous gains on the back of improvements in the global economic sentiments.
- Last week pair hit the fresh monthly high at $1263 level and returned back below $1200 mark.
- A daily close below $1188 level will confirm the bearish bias again.
- Alternatively, reversal from key support will take the parity back above $1250 marks.
- 10, 25 and 50days EMA still confirms the bullish bias but on the other side RSI signals the short term trend reversal.
- Initial support levels are seen at $1190, $1187 and $1182 thereafter.
- Key resistance levels are seen at $1198, $1202 and $1208 levels.
- Positioning is inconclusive at this point but still bullish hopes alive.
Trading Call:
Long XAU/USD at $1195, stop loss $1187 and target $1208.
