Gold Closes Higher, Topping Critical 20 Day Moving Average

Gold closed sharply higher on Tuesday and above the 20 day moving average crossing at 1093.80 confirming that a short term low has been posted. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If April extends today's rally, the reaction high crossing at 1126.40 is the next upside target. Closes below the 10 day moving average crossing at 1087.10 would signal that a short term top has been posted.

Tuesday evening's pivot point is 1111.23

First resistance is today's high crossing at 1121.90
Second resistance is the reaction high crossing at 1126.40

First support is today's low crossing at 1092.50
Second support is the 10 day moving average crossing at 1087.10

Is Gold Poised to Go Higher or Lower?

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