February gold was lower overnight as it consolidates some of Tuesday's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.
Multiple closes above the 20 day moving average crossing at 1114.50 are needed to 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.
Thursday's pivot point for gold is 1115.30
First resistance is Wednesday's high crossing at 1124.90
Second resistance is January's high crossing at 1163.00
First support is the 10 day moving average crossing at 1097.00
Second support is last Thursday's low crossing at 1073.20
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