August gold closed higher on Monday
August gold closed higher on Monday as it extends last week’s rally. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If August extends the rally, the reaction high crossing at 966.70 is the next upside target. Closes below the 10-day moving average crossing at 927.40 would temper the near-term friendly outlook in the market. First resistance is today’s high crossing at 955.40. Second resistance is the reaction high crossing at 966.70. First support is the 20-day moving average crossing at 929.90. Second support is the 10-day moving average crossing at 927.40.
September silver closed higher on Monday and above the 20-day moving average crossing at 13.424 confirming that a short- term low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends today’s rally, the reaction high crossing at 14.335 is the next upside target. Closes below the 10-day moving average crossing at 13.076 would temper the near-term friendly outlook in the market. First resistance is today’s high crossing at 13.750. Second resistance is the reaction high crossing at 14.335. First support is the 10-day moving average crossing at 13.076. Second support is last Monday’s low crossing at 12.435.
Categorised as: Gold News