February gold closed higher on Tuesday and the high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish hinting that a short term top might be in or is near.
Closes below the 20 day moving average crossing at 1118.10 are needed to confirm that a short term top has been posted. If February renews the rally off December's low, the reaction high crossing at 1170.20 is the next upside target.
First resistance is last Monday's high crossing at 1163.00
Second resistance is the reaction high crossing at 1170.20
First support is last Wednesday's low crossing at 1118.50
Second support is the 20 day moving average crossing at 1118.10
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