Gold was lower overnight but 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, December's low crossing at 1075.20 is the next downside target. Closes above the 20 day moving average crossing at 1118.00 would temper the near term bearish outlook.
Wednesday mornings pivot point for gold is 1095.57
First resistance is the 10 day moving average crossing at 1114.70
Second resistance is the 20 day moving average crossing at 1118.00
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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