April gold closed lower due to profit taking on Friday as it consolidated some of the rally off last week's low. The high range close sets the stage for a steady to higher opening on Tuesday. 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 1094.50 are needed to confirm that a short term low has been posted. If April renews last week's decline, the 38% retracement level of the 2008-2009 rally crossing at 1035.00 is the next downside target.
First resistance is the 20 day moving average crossing at 1094.50
Second resistance is the reaction high crossing at 1126.40
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
Secrets of the 52 Week High Rule
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