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Gold – Corrective move likely

FX_IDC:XAUUSD   GOLD / US DOLLAR
Support - $1268, $1263, $1253

Resistance - $1284, $1295, $1303

  • Gold’s four day winning streak has been accompanied by falling tops formation on the hourly RSI , indicating bearish divergence.
  • Thus, a break below Asian session low of $1272 followed by a violation at immediate support of $1268 would open doors for a corrective move down to $1263.
  • On the higher side, $1284 stands as a strong resistance, which could be put to test if prices rebound from $1263 levels.
  • Overall, dips could see fresh demand as long as prices do not see a day end closing below $1263 levels.

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