Gold – intraday correction likely

• Gold’s cut through daily 50-MA at $1249 and drop to $1244 levels has left it oversold on the hourly RSI.
  

• Consequently, a minor corrective rally to $1249-1253 levels could be seen before prices resume sell-off towards $1243 (23.6% of Dec low-May high).
  

• The daily RSI at 44 remains bearish, hence corrective rally could be capped around $1249-1253 levels.