Despite gold’s recovery from $1308.60 levels amid oversold hourly RSI, the subsequent failure to take out the hourly 50-MA in Asia and a retreat to $1314 levels suggests the overall trend remains in favor of a decline to daily 100-DMA support of $1305, especially in the wake of a rejection at 10-DMA and 5-DMA yesterday.
On the higher side, a move above $1336 could result in a much strong retracement to $1353 levels.