Gold closed higher due to short covering on Monday as it consolidated some of the decline off December's high. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that additional weakness is possible near term.
If April extends last week's decline, the 38% retracement level of the 2008-2009 rally crossing at 1035.00 is the next downside target. Multiple closes above the 20 day moving average crossing at 1105.70 are needed to confirm that a short term low has been posted.
Gold's pivot point for Monday evening is 1066.40
First resistance is the 10 day moving average crossing at 1087.00
Second resistance is the 20 day moving average crossing at 1105.70
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
Get 4 FREE Trade School Videos from INO TV!
Share
No comments:
Post a Comment