Gold closed slightly lower on Thursday as it extends the decline off June's high. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are oversold but remain bearish signalling that sideways to lower prices are possible near-term. If it extends the aforementioned decline, the 38% retracement level of this year's rally crossing is the next downside target. Closes above the 20-day moving average crossing would signal that a short-term low has been posted.
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