February gold was higher overnight as it extends Monday's rally above the 10 day moving average crossing at 1096.80. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term.
Closes above the 20 day moving average crossing at 1116.30 would confirm that a short term low has been posted. If February renews this year's decline, the 38% retracement level of the 2008-2009 rally crossing at 1032.60 is the next downside target.
Gold's pivot point for Tuesday is 1097.00
First resistance is the 20 day moving average crossing at 1116.30
Second resistance is January's high crossing at 1163.00
First support is last Thursday's low crossing at 1073.20
Second support is the 38% retracement level of the 2008-2009-rally crossing at 1032.60
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