Gold closed lower due to light profit taking on Monday as it consolidated some of last week's rally. The mid range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are turning neutral to bullish again signaling that sideways to higher prices are possible near term.
If April resumes the rally off February's low, the reaction high crossing at 1142.90 is the next upside target. Closes below the 20 day moving average crossing at 1099.80 are needed to confirm that a short term top has been posted.
First resistance is last Monday's high crossing at 1131.50
Second resistance is the reaction high crossing at 1142.90
First support is the 20 day moving average crossing at 1099.80
Second support is last Thursday's low crossing at 1088.50
Is Gold Poised to Go Higher or Lower?
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