Gold closed lower on Wednesday due to a bounce in the Dollar while ending a two day rally off last Friday's low. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are diverging and are turning bullish hinting that a short term low might be in or is near.
Multiple closes above the 20 day moving average crossing at 1098.90 are needed to confirm that a short term low has been posted. If April renews last week's decline, the 38% retracement level of the 2008-2009 rally crossing at 1035.00 is the next downside target.
First resistance is the 10 day moving average crossing at 1083.30
Second resistance is the 20 day moving average crossing at 1098.90
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
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