forexnoobmaster007
Short

Gold buyers exhausted, south direction to take prices at 1323.92

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
The shiny metal went past the 1355 level on friday and on the same day reverted back to end the day on a negative note, which indicated that the buyers ran out of steam. Today, the prices breached the immediate intra - day support of 1337.88, which further supports the bears. Moreover, on daily basis, the prices are showing divergence with the RSI indicators, extending support to the bearish outlook for gold . I think the prices will touch the 1323.92 support before we can see any upwards movement in XAUUSD . on reaching this level RSI would also be at support of 60. If the prices break further below this level, next target will be at 1310.16.
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