Gold closed lower on Wednesday and spiked below support marked by the 20 day moving average crossing at 1095.10. The low range close sets the stage for a steady to lower opening on Thursday. 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 1095.10 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.
This evenings pivot point, our line in the sand is 1098.50
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 1095.30
Second support is today's low crossing at 1090.20
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