Gold closed higher on Wednesday as it extends the rally off February's low. The mid range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.
If April extends the rally off February's low, January's high crossing at 1166.70 is the next upside target. Closes below the 20 day moving average crossing at 1102.40 are needed to confirm that a short term top has been posted.
First resistance is today's high crossing at 1145.80
Second resistance is January's high crossing at 1166.70
First support is the 10 day moving average crossing at 1117.70
Second support is the 20 day moving average crossing at 1102.40
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