Gold closed higher due to short covering on Monday as it consolidated some of last week's decline. The mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
If February extends last week's decline, December's low crossing at 1075.20 is the next downside target. Closes above the 10 day moving average crossing at 1123.30 are needed to confirm that a short term low has been posted.
Monday evening's daily pivot point is 1098, the weekly pivot is 1104.43
First resistance is the 20 day moving average crossing at 1118.90
Second resistance is the 10 day moving average crossing at 1123.40
First support is last Friday's low crossing at 1081.90
Second support is December's low crossing at 1075.20
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