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Gold closed lower due to profit taking on Friday as it consolidated some of the rally off last week's low. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. 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.