Gold closed slightly higher on Monday as it consolidates the June-July decline. Stochastics and the RSI are overbought, diverging but are turning bullish signalling that sideways to higher prices are possible near-term. The high-range close sets the stage for a steady to higher opening on Tuesday. If it extends the rally off July's low, the 87% retracement level of the June-July decline crossing is the next upside target. Closes below the 20-day moving average crossing would temper the friendly outlook.
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