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FxWirePro: Gold hovers around $1280, good to buy on dips

Tuesday, May 17, 2016 4:34 AM UTC

XAU/USD is currently trading around $1279 mark.
It made intraday high at $1280 and low at $1273 levels.
Intraday bias remains bullish till the time pair holds immediate support at $1270 marks.
A daily close above $1282 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 $1270 will drag the parity down towards key support levels at $1262, $1258 (30D EMA), $1252 (February 24, 2016 high), $1248, $1242 and $1237 marks respectively.

We prefer to take long position in XAU/USD around $1277, stop loss $1273 and target $1295 marks.

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FxWirePro: Gold hovers around $1280, good to buy on dips

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