• XAU/USD is currently trading around $1237 mark.
     
  • It made intraday high at $1240 and low at $1235 levels.
     
  • Federal Reserve Board Chair Janet Yellen said Thursday the central bank remains on track to gradually raise interest rates if the economy continues to evolve as expected.
     
  • Yellen added, though, “Monetary policy is not on any preset course” and she reiterated the central bankers approach that any decision to raise rates will be data dependent only.
  • Intraday bias remains bullish till the time pair holds key support at $1222 marks.
     
  • A daily close above $1242 is required to turn the bias bullish again.
     
  • On the top side, key resistances are seen around $1247, $1252 and $1267 levels.
  • Alternatively, a sustained break below $1222 will drag the parity down towards key support levels at $1214, $1208, $1202 and $1190 marks.

We prefer to take long position in XAU/USD at $1234, stop loss $1222 and target $1232/$1252 marks.

The material has been provided by InstaForex Company – www.instaforex.com