Gold closed higher due to short covering on Wednesday as it consolidates some of Monday's decline. The mid-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. Closes below this year's uptrend line crossing would confirm a top and trend change has taken place. If it renews the rally off May's low, May's high crossing is the next upside target.
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