Gold closed lower on Wednesday and above the 10-day moving average crossing signalling that a short-term low has been posted or is near. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning bearish 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.
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