Gold Market Commentary For Friday Morning Sept. 16th

Gold was higher due to short covering in Thursday evenings overnight trading session as it consolidates some of the decline off last week's high. Stochastics and the RSI remain bearish hinting that a short term was achieved and a double top formed.

If December extends this month's decline, the reaction low crossing at 1705.40 is the next downside target. Closes above Wednesday's high crossing at 1848.20 would temper the near term bearish outlook.

First resistance is Wednesday's high crossing at 1848.20. Second resistance is last Tuesday's high crossing at 1923.70. First support is the overnight low crossing at 1765.40. Second support is the reaction low crossing at 1705.40. Gold pivot point for Friday morning is 1795.40.


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