Gold closed higher on Tuesday and above the 10-day moving average crossing signalling that a short-term low has been posted or is near. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a low has been posted. If it resumes the decline off June's high, the 38% retracement level of this year's rally crossing is the next downside target.
Join the Discussion