Gold was slightly lower overnight
Gold was slightly lower overnight as it consolidates some of Wednesday’s rally. Stochastics and the RSI are turning bullish hinting that a short-term lower might be in or is near. Closes above the 20-day moving average crossing at 949.90 would confirm 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 949.90. First support is Tuesday’s low crossing at 913.20. Second support is the reaction low crossing at 882.00.
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