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Gold closed higher due to short covering on Wednesday. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it renews this month's decline, the reaction low crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.