The XAU/USD pair is trading in a correction mode after the significant rebound on the $1,357 resistance handle. However, the main tendency of the metal is an ascending move, which is holding since December of 2016. The gold plunged almost 3% since the previous week and is approaching once again the psychological level $1.300, which is near with the 50-day SMA.
Having a look on the daily timeframe, the technical indicators seem to confirm the recent bearish movement. The Relative Strength Index (RSI) fell below the mid-level after it hit the overbought zone in the prior sessions. Furthermore, the MACD oscillator is dropping near the zero line and is trading below the trigger line.
