Spot Gold May Hit High Soon As RSI Turn Bearish

 | Aug 06, 2013 03:55AM ET

Gold closed lower on Monday. The low range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are bearish signalling that a short term top might be in or is near. Closes below last Friday's low crossing would confirm that a short term top has been posted. If it renews the rally off June's low, the reaction high crossing is the next upside target.