February gold closed higher due to short covering on Thursday as it extends this week's trading range. The high range close sets the stage for a steady to higher opening on Friday. 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 1116.80 are needed to confirm that a short term low has been posted.
Thursday evening pivot point for gold is 1084.17
First resistance is the 10 day moving average crossing at 1108.50
Second resistance is the 20 day moving average crossing at 1116.80
First support is today's low crossing at 1073.20
Second support is the 38% retracement level of the 2008-2009 rally crossing at 1032.60
Learn To Trade Oil and Gold ETF's
Share
No comments:
Post a Comment