August Gold
August Gold closed higher on Thursday as it renewed this month’s rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off April’s low, the reaction high crossing at 971.00 is the next upside target. Closes below the 20-day moving average crossing at 927.40 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 966.70. Second resistance is the reaction high crossing at 971.00. First support is the 10-day moving average crossing at 944.10. Second support is the 20-day moving average crossing at 927.40.
Categorised as: Gold News