Gold closed higher on Wednesday as it extends yesterday's breakout above the 20-day moving average crossing confirming that a short-term low has been posted. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain bullish signaling 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 10-day moving average crossing would temper the near-term friendly outlook in the market.