February gold closed sharply lower on Wednesday and below the 20 day moving average crossing at 1118.20 confirming that a short term top has been posted. The low range close sets the stage for a steady to lower opening on Thursday.
Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If February extends today's decline, the reaction low crossing at 1086.60 is the next downside target. Closes above the reaction high crossing at 1163.00 are needed to renew the rally off December's low.
First resistance is last Monday's high crossing at 1163.00
Second resistance is the reaction high crossing at 1170.20
First support is today's low crossing at 1106.80
Second support is the reaction low crossing at 1086.60
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