FxWirePro: Gold falls below $1280 ahead of ADP job results

• XAU/USD is currently trading around $1280 mark.
   
• It made intraday high at $1287 and low at $1278 levels.
   
• Intraday bias remains bullish till the time pair holds immediate support at $1277 marks.
   
• A daily close above $1282 will take the parity up towards $1292, $1296, $1303, $1315 and $1327 marks respectively.
   
• Alternatively, reversal from $1301 will drag the parity down towards key support levels at $1277, $1272 and $1268 marks respectively.
   
• The ADP employment report will be released later in the day, with the market predicting the private sector created 205,000 new jobs in April, following 200,000 a month before.

We prefer to take long position in XAU/USD only above $1282, stop loss $1277 and target $1296/$1303 marks.