April gold was higher due to short covering overnight as it consolidates some of last week's decline. Stochastics and the RSI remain neutral to 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 1035.00 is the next downside target. Multiple closes above the 20 day moving average crossing at 1101.50 are needed to confirm that a short term low has been posted.
Tuesday's pivot point, our line in the sand is 1067.43
First resistance is the 10 day moving average crossing at 1084.00
Second resistance is the 20 day moving average crossing at 1101.50
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
The "Super Cycle" in Gold and How It Will Affect Your Pocketbook in 2010
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