Gold Market Commentary For Friday Evening

Gold closed lower on Friday as it extends this month's decline. The low range close sets the stage for a steady to lower opening on Monday. 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 1116.00 are needed to confirm that a short term low has been posted.

Friday evenings pivot point is 1082.70

First resistance is the 10 day moving average crossing at 1101.70
Second resistance is the 20 day moving average crossing at 1116.00

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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