Gold - Above $1300 with overbought RSI

Resistance - $1303, $1313, $1322

Support - $1296, $1287, $1283

• 
  Cautious Fed and a resulting sharp drop in Fed rate hike bets pushed gold above $1300 levels in Asia, although the 4-hour RSI is overbought, while daily RSI is entering overbought territory.
  

• Furthermore, dovish Fed was priced-into some extent, thus leaving doors for a technical correction to daily 5-MA level of $1287 levels.
  

• Gold's failure to take out/sustain above $1303 followed by a break below Asian session low of $1296 would signal a drop to $1287 levels.
  

• On the higher side, breach of $1303 on hourly closing basis could yield $1310-1312 levels.
  

Gold Seasonality study