Gold soared to a new all-time high on Thursday due to renewed concerns over the global economy. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI turned bullish signalling that sideways to higher prices are possible near-term. If it extends this year's rally into uncharted territory, upside targets will be hard to project. 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.