Gold closed lower for the third day in a row on Friday as it extended this week's decline. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
If February extends this week's decline, December's low crossing at 1075.20 is the next downside target. Closes above the 10 day moving average crossing at 1127.60 would signal that a short term low has been posted.
First resistance is the 20 day moving average crossing at 1118.80
Second resistance is the 10 day moving average crossing at 1127.60
First support is today's low crossing at 1081.90
Second support is December's low crossing at 1075.20
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