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Gold – re-test of Monday’s low likely

TVC:GOLD   GOLD (US$/OZ)
Despite gold’s recovery from the low of $1320 on dovish Brainard, the subsequent failure to hold gains above 10-DMA in Asian session today suggests the prices are likely to re-test yesterday’s low of $1320.

Bearish daily RSI remains in favor of further slide in the metal.

A day end close below $1320 would suggest continuation of the retreat from recent high of $1352 and could yield a test if $1300.

On the higher side, only a break above 50-DMA level of $1336 would signal bearish invalidation.
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