Gold closed lower on Thursday as it consolidated some of this week's rally while at the same time extending the trading range of the past three weeks. The low-range close sets the stage for a steady opening on Friday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm an upside breakout of the aforementioned trading range. If it renews this month's decline, the 50% retracement level of this year's rally crossing is the next downside target.