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FxWirePro: Gold hovers around key support at $1217, intraday bias remains neutral

            

  • XAU/USD is currently trading around $1217 mark.
     
  • It made intraday high at $1222 and low at $1216 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at $1217 marks.
     
  • On the top side, initial resistance is seen at $1222 mark.
     
  • Expected trading range for the day is $1212 - $1227 marks.
     
  • A daily close above $1222 is required to turn the bias bullish again.
     
  • On the top side, key resistances are seen around $1227, $1232 and $1247 levels.
     
  • Alternatively, a sustained break below $1212 will drag the parity down towards key support levels at $1208, $1202 and $1190 marks.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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