Gold closed higher due to short covering on Friday as it rebounds off the 50% retracement level of this year's rally crossing. Stochastics and the RSI are oversold but turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it extends the decline off June's high, the 62% retracement level of the aforementioned decline crossing is the next downside target.
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