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Gold – losses below daily low

FX:XAUUSD   Gold Spot / U.S. Dollar
  • Gold’s retreat from yesterday’s high of $1375 in the wake of an overbought daily RSI followed by a failure to re-test the same despite bullish tone in Asia today indicates bulls may be dealing with exhaustion.
  • Thus, a break below the Asian session low of $1362.52 would open doors for a corrective move to $1355-1336 levels.
  • On the other hand, a break above previous day’s high would expose $1378-$1380 levels.
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