Gold closed lower due to profit taking on Monday while extending last week's trading range. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
If April extends this month's rally, the reaction high crossing at 1142.90 is the next upside target. Closes below the 20 day moving average crossing at 1095.00 would signal that a short term top has been posted.
First resistance is today's high crossing at 1131.50
Second resistance is the reaction high crossing at 1142.90
First support is the 10 day moving average crossing at 1100.00
Second support is the 20 day moving average crossing at 1095.00
Secrets of the 52 Week High Rule
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