February gold was higher due to short covering overnight as it consolidated some of last week's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.
If February extends last week's decline, December's low crossing at 1075.20 is the next downside target. Closes above the 10 day moving average crossing at 1123.60 would temper the near term bearish outlook.
First resistance is the 20 day moving average crossing at 1119.00
Second resistance is the 10 day moving average crossing at 1123.60
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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