Markets

Gold - Daily technical Forecast

Gold closed higher due to short covering on Wednesday as it consolidates some of the decline off June's high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends the aforementioned decline, the 38% retracement level of this year's rally crossing is the next downside target. Closes above the 20-day moving average crossing would signal that a short-term low has been posted.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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