Gold closed higher due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold and are turning 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 its extends this month's decline, the 38% retracement level of the 20008-2009-rally crossing is the next downside target.

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