Gold was lower overnight as it extends this week's decline below the 20 day moving average crossing at 1119.00. Stochastics and the RSI are bearish signaling that a short term top might be in or is near.
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 1127.90 would temper the near term bearish outlook.
Friday's pivot point for gold is 1101.87
First resistance is the 20 day moving average crossing at 1119.00
Second resistance is the 10 day moving average crossing at 1127.90
First support is Thursday's low crossing at 1088.00
Second support is December's low crossing at 1075.20
Great video: How to Use Stops Effectively
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