June gold closed higher on Thursday renewing the rally off May’s low. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 1416.20 are needed to confirm that a short-term low has been posted. If June renews this month’s decline, April’s low crossing at 1321.50 is the next downside target. First resistance is the 20-day moving average crossing at 1416.20. Second resistance is May’s high crossing at 1487.20. First support is May’s low crossing at 1336.30. Second support is April’s low crossing at 1321.50.
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