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Gold Report

Posted: Jul 24, 2013



August gold closed lower on Monday as it extends the trading range of the
past three months. A short covering rally tempered early-session losses and the
high-range close sets the stage for a steady to higher opening when Tuesday's
night session begins trading. Stochastics and the RSI remain neutral to bearish
signaling that sideways to lower prices are possible near-term. If August
renews this month's decline, the reaction low crossing at 1547.60 is the next
downside target. Multiple closes above the reaction high crossing at 1598.80
would confirm that a short-term low has been posted. First resistance is the
reaction high crossing at 1598.80. Second resistance is this month's high
crossing at 1625.70. First support is the reaction low crossing at 1547.60.
Second support is May's low crossing at 1529.30.