/
 
Gold closed lower on Monday and below the 25% retracement level of the 2008-2011-rally crossing. A short covering rally tempered early session losses and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this month's decline, the 38% retracement level of the 2008-2011-rally crossing is the next downside target. Closes above the 20-day moving average crossing would signal that a short-term low has been posted.