Gold closed slightly lower on Thursday after paring losses sustained after the International Monetary Fund announced that it would sell 191.3 tons of gold on the open market. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends Tuesday's rally, the reaction high crossing is the next upside target. Closes below the 10-day moving average crossing would signal that a short-term top has been posted.