Gold Commentary and Trading Numbers For Friday Morning Sept. 9th

Gold traded as low 1830.00 in the overnight session [bouncing back to 1845 as we go to print] as gold consolidates some of its recent gains. Stochastics and the RSI are diverging and are turning bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 1816.20 would temper the near term bullish outlook.

Most traders see gold's long term up trend as still being intact and there is no sign of reversal in that bullish long term move....yet.

Closes below the reaction low crossing at 1701.70 would confirm that an important top has been posted while opening the door for additional weakness near term. Closes above August's high crossing at 1915.00 would renew October's rally into uncharted territory.

First resistance is Tuesday's high crossing at 1920.70. First support is the 20 day moving average crossing at 1816.20. Second support is the reaction low crossing at 1701.70. Gold pivot point for Friday morning is 1849.00.