XAUUSD closed lower on Wednesday extending this week's decline. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading.
Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January's high, January's low crossing at 1627.90 is the next
downside target. Closes above the 20-day moving average crossing at 1671.10 would confirm that a short-term low has been posted.
First resistance is the 20-day moving average crossing at 1671.10.
Second resistance is the October-November downtrend line crossing near 1688.30.
First support is January's low crossing at 1627.90.
Second support is the 75% retracement level of the May-October rally crossing at 1604.60.
