February gold closed sharply lower on Thursday and renewed the decline off December's high. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain neutral to bullish despite today's decline warning bears to use caution in becoming too aggressive.
If February extends today's decline, the 38% retracement level of the 2008-2009 rally crossing at 1032.60 is the next downside target. Multiple closes above the 20 day moving average crossing at 1112.40 are needed to confirm that a short term low has been posted.
Thursday evenings pivot point for gold is 1078.93
First resistance is the 10 day moving average crossing at 1093.00
Second resistance is Wednesday's high crossing at 1124.90
First support is today's low crossing at 1059.00
Second support is the 38% retracement level of the 2008-2009 rally crossing at 1032.60
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