Gold closed higher on Wednesday as it extended some of Tuesday's rally but remains above the 10-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. If it extends Tuesday's rally, this month's high crossing is the next upside target. Closes below last Friday's low crossing would temper the near-term bullish outlook in the market.
Join the Discussion