Gold outlook - Technical correction likely
Resistance - $1242.21, $1253, $1263
Support - $1223.24, $1212, $1200
Support - $1223.24, $1212, $1200
- Gold's sharp fall yesterday to $1223.33 pushed the 4-hr RSI into the oversold territory. The wave count structure also shows an extended third wave may have come to an end and a rebound from trend line (drawn from Feb 16 low-Mar 28 low) amid oversold RSI could translate into a rise to $1242 levels (23.6% of 1303.63-1223.33).
- On the lower side, intraday break below yesterday's low of $1223.33 should be treated with caution, given the oversold RSI. Short-term loss of momentum could lead to sideways action or minor correction.
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