Markets

Trading Forecast Gold

Gold closed lower on Wednesday as it extended the short covering decline off last week's high. The low-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral hinting that a low might be in or is near. Closes above the 10-day moving average crossing are needed to confirm that a short-term low has been posted. If it renews last week's decline, the 50% retracement level of this year's rally crossing is the next downside target.

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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