Gold closed higher on Wednesday
Gold closed higher on Wednesday due to short covering as it consolidated some of Monday’s decline. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends this month’s decline, the reaction low crossing at 882.00 is the next downside target. Closes above the 20-day moving average crossing at 951.10 would signal that a short-term low has been posted. First resistance is today’s high crossing at 944.40. Second resistance is the 20-day moving average crossing at 951.10. First support is Tuesday’s low crossing at 913.20. Second support is the reaction low crossing at 882.00.
Categorised as: Gold News