Gold was lower overnight as it extends Wednesday's decline below the 20 day moving average crossing at 1118.70 confirming that the short covering rally off December's low has ended. Stochastics and the RSI are bearish signaling that a short term top might be in or is near.
If February extends this week's decline, the reaction low crossing at 1086.60 is the next downside target. Closes above the 10 day moving average crossing at 1132.10 would temper the near term bearish outlook.
Thursday's pivot point for Gold is 1120.37
First resistance is the 20 day moving average crossing at 1118.70
Second resistance is the 10 day moving average crossing at 1132.10
First support is the overnight low crossing at 1100.60
Second support is the reaction low crossing at 1086.60
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