Gold closed higher on Thursday
Gold closed higher on Thursday due to short covering and above the 10-day moving average crossing at .9325 signaling that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Friday.
Stochastics and the RSI are oversold and are turning bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 950.20 would signal that a short-term low has been posted. If August extends this month’s decline, the reaction low crossing at 882.00 is the next downside target.
First resistance is Wednesday’s high crossing at 944.40. Second resistance is the 20-day moving average crossing at 950.20. First support is Tuesday’s low crossing at 913.20. Second support is the reaction low crossing at 882.00.
Categorised as: Gold News