February gold was slightly higher overnight as it continues to extend a small consolidation pattern off last week's low. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.
If February extends this month's decline, the 38% retracement level of the 2008-2009 rally crossing at 1032.60 is the next downside target. Closes above the 20 day moving average crossing at 1116.20 would temper the near term bearish outlook.
Fridays pivot point for gold is 1084.17
First resistance is the 10 day moving average crossing at 1102.20
Second resistance is the 20 day moving average crossing at 1116.20
First support is Thursday's low crossing at 1073.20
Second support is the 38% retracement level of the 2008-2009 rally crossing at 1032.60
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