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FxWirePro: Gold refrains to fall below key support at $1242, intraday bias remains bullish

                 

  • XAU/USD is currently trading around $1248 mark.
     
  • It made intraday high at $1251 and low at $1242 levels.

  • Intraday bias remains bullish till the time pair holds immediate support at $1242 marks.
     
  • A daily close above $1252 is required to take the parity up towards $1268 marks again.
     
  • On the top side, key resistances are seen around $1252, $1257 and $1262 levels.

  • Alternatively, a sustained break below $1242 will drag the parity down towards key support levels at $1237, $1227, $1222 and $1212 marks respectively.

We prefer to take long position in XAU/USD around $1248, stop loss $1242 and target $1262 marks.

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