Gold posted an inside day Friday
Gold posted an inside day with a slightly higher close on Friday as it extended this week’s narrow trading range. The mid-range close sets the stage for a steady opening on Monday. 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 917.00 is the next downside target. Closes above the 20-day moving average crossing at 955.90 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 942.90. Second resistance is the 20-day moving average crossing at 955.90. First support is Monday’s low crossing at 926.50. Second support is the reaction low crossing at 917.00.
Categorised as: Gold Charts