April gold closed lower on Wednesday as it consolidates some of Tuesday's rally. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
If April extends Tuesday's rally, the reaction high crossing at 1142.90 is the next upside target. Closes below the 10 day moving average crossing at 1086.80 would signal that a short term top has been posted.
Gold's pivot point, our line in the sand is 1114.40
First resistance is today's high crossing at 1128.70
Second resistance is the reaction high crossing at 1142.90
First support is the 20 day moving average crossing at 1092.50
Second support is the 10 day moving average crossing at 1086.80
The "Super Cycle" in Gold and How It Will Affect Your Pocketbook in 2010
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