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XAU/USD trading range bound, buy on dips

  • Pair is currently trading at $1208 level.
     
  • It made intraday high at 1210 and low at 1204 levels.
     
  • Intraday bias remains bullish above key support level at $1190.
     
  • A daily close above $1213 is required to take the parity towards $1250 mark.
     
  • Key support levels are seen at $1195, $1190 and $1187 thereafter.
     
  • On the other side, resistance levels are seen at $1213, $1216 and 1222 thereafter.

We prefer to take long position in XAU/USD around $1206, stop loss $1195 and target $1216/$1222.

 

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