Consolidation likely for gold.

Gold closed lower due to long covering on Tuesday as it consolidated some of the rally off last week's low. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term high might be in or is near. Closes above the 20-day moving average crossing would confirm that a short-term top has been posted. If it extends this week's decline, February's low crossing is the next downside target.