Gold closed sharply lower on Monday
October gold closed sharply lower on Monday and below the 20-day moving average crossing at 948.60 confirming that a short- term top has been posted. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are diverging and have turned bearish signaling that sideways to lower prices are possible near-term.
If October extends today’s decline, the reaction low crossing at 926.50 is the next downside target. Closes above the 10-day moving average crossing at 951.50 would temper the near-term bearish outlook in the market. First resistance is today’s high crossing at 958.00. Second resistance is last Thursday’s high crossing at 972.70. First support is today’s low crossing at 943.00. Second support is the reaction low crossing at 926.50.
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