Gold was higher due to short covering overnight as it consolidates some of last week's decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.
If February extends this year's decline, the 38% retracement level of the 2008-2009 rally crossing at 1032.60 is the next downside target. Multiple closes above the 20 day moving average crossing at 1104.80 are needed to confirm that a short term low has been posted.
Monday's pivot point, our line in the sand is 1055.57
First resistance is the 10 day moving average crossing at 1086.50
Second resistance is the 20 day moving average crossing at 1104.80
First support is last Friday's low crossing at 1045.20
Second support is the 38% retracement level of the 2008-2009 rally crossing at 1032.60
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