February gold closed lower on Wednesday and is poised to extend this month's decline. The low range close sets the stage for a steady to lower opening on Thursday. 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, December's low crossing at 1075.20 is the next downside target. Closes above the 20 day moving average crossing at 1117.50 are needed to confirm that a short term low has been posted.
Gold pivot point for Wednesday evening is 1089.87
First resistance is the 20 day moving average crossing at 1117.50
Second resistance is the reaction high crossing at 1141.70
First support is last Friday's low crossing at 1081.90
Second support is December's low crossing at 1075.20
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