Gold closed lower due to profit taking on Monday hitting a fresh two week low. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought and are turning bearish signalling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. If it extends this year's rally, the 75% retracement level of the December-February decline crossing is the next upside target.
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