Gold closed lower due to profit taking on Friday while confirming yesterday's key reversal down. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends this year's rally, upside targets will be hard to project now that October is trading into uncharted territory. Closes below the 20-day moving average crossing are needed to confirm that a short-term top 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.