Gold closed lower due to profit taking on Monday after spiking above resistance marked by January's high crossing. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this rally, the 75% retracement level of the December-February decline crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.
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