Gold Market Commentary For Tuesday Morning Sept. 6th

Is gold prepared to make a double top on Tuesday and move into the much talked about "September correction" or is gold ready to make a bullish move past 1917.90 and into uncharted territory?

Gold was higher in Monday evenings overnight session and posted a new all time high due to renewed concern over Europe's debt crises. Stochastics and the RSI are diverging but bullish signaling that sideways to higher prices are possible near term.

Closes above August's high crossing at 1915.00 would renew October's rally into a new round of bullish moves. Closes below the 20 day moving average crossing at 1805.60 would confirm that a short term top has been posted while opening the door for a larger degree decline during September.

First resistance is the overnight high crossing at 1920.70. First support is the 20 day moving average crossing at 1805.60. Second support is the reaction low crossing at 1701.70. Gold pivot point for Tuesday morning is 1896.10.