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- XAU/USD is currently trading around $1266 mark.
- It made intraday high at $1269 and low at $1262 levels.
- Intraday bias remains bullish till the time pair holds immediate support at $1262 marks.
- A daily close above $1277 will take the parity up towards key resistances $1285(May 05, 2016 high), $1298 and $1303(May 02, 2016 high) marks respectively.
- Alternatively, a daily close below $1262 will drag the parity down towards key support levels at $1258 (30D EMA), $1252 (February 24, 2016 high), $1248, $1242 and $1237 marks respectively.
We prefer to take long position in XAU/USD around $1265, stop loss $1258 and target $1276/$1285 marks.
