Gold - Daily technical Forecast

By IBTimes Staff Reporter | May 13 2010 3:17 AM

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Gold closed higher on Tuesday and posted a new all-time high and at the same time renewing the rally off February's low. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends this year's rally into uncharted territory, upside targets are hard to project. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.

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