February gold was slightly lower overnight as it continues to extend the decline off January's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.
If February extends this year's decline, the 38% retracement level of the 2008-2009 rally crossing at 1032.60 is the next downside target. Closes above the 20 day moving average crossing at 1115.40 would temper the near term bearish outlook.
Gold pivot point for Monday is 1083.40
First resistance is the 10 day moving average crossing at 1097.10
Second resistance is the 20 day moving average crossing at 1115.40
First support is last Thursday's low crossing at 1073.20
Second support is the 38% retracement level of the 2008-2009 rally crossing at 1032.60
Get Started Trading Gold Now....With 10 FREE Trading Lessons
Share
No comments:
Post a Comment