Gold surpasses major resistance level at $1112

XAU/USD is currently trading around $1112 level and made intraday high at $1113.68 levels.
 

• Weakening US dollar and another fall in oil prices boosted demand for safe-haven assets.
   
• The Fed is scheduled to meet later this week and the bank is expected to keep its federal funds rate unchanged.
   
• If pair holds and stabilise above $1112, then only more upside levels can be seen.
   
• On the top side, major resistance levels fall at $1117, $1122 and $1127 levels.
   
• Alternatively, reversal from this level brings the parity below $1107 levels and $1100 thereafter.