Gold Market Commentary For Wednesday Morning Sept. 14th

Gold was higher in overnight trading as it consolidates some of Monday's decline. Stochastics and the RSI have turned bearish hinting that a short term top might be in or is near. Closes below last Wednesday's low crossing at 1793.80 would temper the near term bullish outlook.

Closes below the reaction low crossing at 1705.40 would confirm that an important top has been posted while opening the door for additional weakness near term. Closes above last Tuesday's high crossing at 1923.70 would renew December's rally into uncharted territory.

First resistance is last Tuesday's high crossing at 1923.70. First support is last Wednesday's low crossing at 1793.80. Second support is the reaction low crossing at 1705.40. Gold pivot point for Wednesday morning is 1824.10.