Gold is witnessing an oversold or corrective bounce in Asia, as expected, with prices currently trading at $1,278 per Oz. The 0.19 percent gain on the day could be extended further to $1,281-$1,285 resistance range, as the 1H relative strength index (RSI) is now reporting bullish conditions with an above-50 print. Further, the bullish divergence of the 4-hour chart RSI, confirmed last week, is now looking more pronounced with the indicator closing on 50 levels. Any gains to $1,281-$1,285 range, however, could be short-lived, as the last week’s US retail sales and jobless claims have weakened prospects of a recession in the world’s biggest economy, meaning the American dollar will likely remain bid in the next few days, capping gains in the yellow metal. Further, the longer duration charts are biased bearish, as discussed in the weekly gold report. 4-hour chart Trend: oversold bounce FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Australia: Softer core CPI to call for a May RBA rate cut – ANZ FX Street 4 years Gold is witnessing an oversold or corrective bounce in Asia, as expected, with prices currently trading at $1,278 per Oz. The 0.19 percent gain on the day could be extended further to $1,281-$1,285 resistance range, as the 1H relative strength index (RSI) is now reporting bullish conditions with an above-50 print. Further, the bullish divergence of the 4-hour chart RSI, confirmed last week, is now looking more pronounced with the indicator closing on 50 levels. Any gains to $1,281-$1,285 range, however, could be short-lived, as the last week's US retail sales and jobless claims have weakened prospects of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
