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Gold falls around $1233 marks, good to buy on dips

  • Pair is currently trading at $1233 marks.
     
  • It made intraday high at $1248 and low at $1232.77 levels.
     
  • Yesterday gold made high of $1263 marks.
     
  • Today gold gave more than $15 movement in Asian hours.
     
  • Intraday bias remains neutral for the moment.
     
  • Later today US will release retail sales data as well as UoM consumer sentiment data, which will provide further long term direction to the parity.
     
  • Initial resistance levels are seen at $1238, $1245 and $1262 thereafter.
     
  • On the down side, support levels are seen at $1231, $1228 and $1222.

We prefer to take long position in XAU/USD around $1232, stop loss $1227 and target $1250. 

 

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