Gold – intraday correction likely

FX:XAUUSD   Gold Spot / U.S. Dollar
  • Gold’s cut through daily 50-MA at $1249 and drop to $1244 levels has left it oversold on the hourly RSI .
  • Consequently, a minor corrective rally to $1249-1253 levels could be seen before prices resume sell-off towards $1243 (23.6% of Dec low-May high).
  • The daily RSI at 44 remains bearish , hence corrective rally could be capped around $1249-1253 levels.
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