Gold Flat Overnight
August gold was slightly lower due to light profit taking overnight as it consolidates some of Monday’s rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If August extends this month’s rally, the reaction high crossing at 966.70 is the next upside target. Closes below the 10-day moving average crossing at 932.80 would temper the near-term friendly outlook.
First resistance is Monday’s high crossing at 955.40. Second resistance is the reaction high crossing at 966.70. First support is the 10-day moving average crossing at 932.80. Second support is this month’s low crossing at 904.80.
Categorised as: Gold News