Gold- Daily Technical Forecast

06 September 2010 @ 03:06 am EDT

 

Gold closed lower due to profit taking on Friday as it consolidates below the 87% retracement level of the June-July decline crossing. Stochastics and the RSI are overbought, diverging but are neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off July's low, June's high crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.

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