Gold closed higher due to short covering on Friday and closed above the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. Closes below last Friday's low crossing are needed to confirm that a short-term top has been posted. If it extends this spring's rally into uncharted territory, upside targets will now be hard to project.
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