Gold is overbought

Gold is overbought

On the daily chart of XAU/USD, the pair reached the high of February at 1,346.64. As a result, the pressure is high. RSI indicator is in the overbought area that signals a possible correction. Before the indicator crosses the 70 level from top to bottom, the pair has chances to continue the upward movement but an increase will be limited. The next level the pair may touch before the correction is placed at 1,357.45.  

As soon as the pair turns around, we may see a slide towards 1,324. A close below this level will provoke a further decline to 1,305.45.

XAUUSDDaily.png

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