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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.

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