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Gold rose 2.49% to $1,261.70 an ounce on New York's Comex in the minutes following the FOMC monetary policy statement.
- XAU/USD is currently trading around $1255 mark.
- It made intraday high at $1262 and low at $1254 levels.
- Intraday bias remains bullish for the moment.
- A daily close below $1247 will turn bias bearish and take the parity back around $1220 marks.
- Alternatively, reversal from key support will take the parity higher towards $1268 marks.
- Initial support levels are seen at $1252, $1247 and $1237 levels.
- On the top side, key resistance levels are seen at $1262, $1268 and $1278 levels.
We prefer to take long position XAU/USD around $1255, stop loss $1247 and target $1268/$1272 levels.
