Gold closed higher on Thursday due to short covering as it consolidates above the 20 day moving average crossing at 1096.20. The high range close sets the stage for a steady to higher opening on Friday.
Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1096.20 are needed to confirm that a short term top has been posted. If April resumes this month's rally, the reaction high crossing at 1142.90 is the next upside target.
Thursday evenings pivot is 1102.00
First resistance is Monday's high crossing at 1131.50
Second resistance is the reaction high crossing at 1142.90
First support is the 20 day moving average crossing at 1096.20
Second support is today's low crossing at 1088.50
Free trading video: Make Some Sense of Today's Gold Market
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