February gold was lower overnight as it extends this week's decline. Stochastics and the RSI are diverging but are turning bearish signaling that sideways to lower prices are possible near term.
If February extends this winter'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 1108.50 are needed to confirm that a short term low has been posted.
Friday's pivot point for gold is 1078.00
First resistance is the 10 day moving average crossing at 1089.60
Second resistance is the 20 day moving average crossing at 1108.50
First support is the overnight low crossing at 1052.40
Second support is the 38% retracement level of the 2008-2009 rally crossing at 1032.60
The "Super Cycle" in Gold and How It Will Affect Your Pocketbook in 2010
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