August gold closed higher on Thursday. 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 reaction high crossing at 1421.60 are needed to confirm that a short-term low has been posted. If June renews the decline off May’s high, April’s low crossing at 1321.50 is the next downside target. First resistance is the reaction high crossing at 1421.60. 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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