December gold closed lower due to profit taking on Friday as it consolidated some of this week’s rally. A short covering bounce ahead of the close tempered early session losses and the mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near- term. If December extends this week’s rally into uncharted territory, upside targets will be hard to project. Closes below the 20- day moving average crossing at 1014.40 would confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 1062.70. First support is the 10-day moving average crossing at 1021.10. Second support is the 20-day moving average crossing at 1014.40.