Gold closed higher due to profit taking on Tuesday hinting that a double top with May's high could have been posted today. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally into uncharted territory, upside targets will now be hard to project. Closes below last Friday's low crossing would confirm that a short-term top has been posted.
Join the Discussion