Gold - Daily technical Forecast

29 July 2010 @ 02:07 am EDT

Gold closed higher due to short covering on Wednesday as it rebounds off the 50% retracement level of this year's rally crossing. Stochastics and the RSI are bearish hinting that additional weakness is possible near-term. If it extends the decline off June's high, the 62% retracement level of the aforementioned decline crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.

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