Gold closed sharply higher on Wednesday as it extends this week's breakout above the 20-day moving average. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends this week's rally, the reaction high crossing is the next upside target. Closes below the reaction low crossing would temper the near-term friendly outlook.
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