Gold closed higher on Thursday as it extended the rally off last week's low. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are turning bullish hinting that a short-term low might be in or is near. Multiple closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it renews last week's decline, the 38% retracement level of the 2008-2009-rally crossing is the next downside target.