Gold traded higher due to short covering overnight as it consolidates some of last week's decline. Stochastics and the RSI are diverging but are turning bullish hinting that a low might be in or is near.
Multiple closes above the 20 day moving average crossing at 1099.40 are needed to confirm that a short term low has been posted. If February resumes this year's decline, the 38% retracement level of the 2008-2009 rally crossing at 1035.00 is the next downside target.
Wednesday's pivot point for gold is 1074.37
First resistance is the 10 day moving average crossing at 1084.20
Second resistance is the 20 day moving average crossing at 1099.40
First support is last Friday's low crossing at 1044.50
Second support is the 38% retracement level of the 2008-2009 rally crossing at 1035.00
Did You Catch The Last Move?....Here's How to Play The "Super Cycle" in Gold
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