Gold closed slightly higher on Friday
Gold closed slightly higher on Friday as it consolidates above the 10-day moving average crossing at .9327 signaling that a short-term low has been posted. Profit taking tempered early gains and the low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 948.30 are needed to 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 948.30. Second resistance is today’s high crossing at 949.00. First support is Tuesday’s low crossing at 913.20. Second support is the reaction low crossing at 882.00.
Categorised as: Gold News