August gold was higher overnight
August gold was higher overnight as it extends last week’s rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 946.40 would confirm that a short-term low has been posted. If August renews this month’s decline, the reaction low crossing at 882.00 is the next downside target. First resistance is the 20-day moving average crossing at 946.40. Second resistance is last Friday’s high crossing at 947.00. First support is the 10-day moving average crossing at 934.10. Second support is last Tuesday’s low crossing at 913.20.
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