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Gold - Above $1300 with overbought RSI

FX:XAUUSD   Gold/U.S. Dollar
Resistance - $1303, $1313, $1322

Support - $1296, $1287, $1283


  • Cautious Fed and a resulting sharp drop in Fed rate hike bets pushed gold             above $1300 levels in Asia, although the 4-hour RSI is overbought, while daily RSI is entering overbought territory.
  • Furthermore, dovish Fed was priced-into some extent, thus leaving doors for a technical correction to daily 5-MA level of $1287 levels.
  • Gold's failure to take out/sustain above $1303 followed by a break below Asian session low of $1296 would signal a drop to $1287 levels.
  • On the higher side, breach of $1303 on hourly closing basis could yield $1310-1312 levels.

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