Gold closed lower [1577.20] for the fourth day in a row on Thursday as it extends this week's decline. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near term.
If February extends this week's decline, September's low crossing at 1543.30 is the next downside target. Closes above the 20 day moving average crossing at 1701.40 are needed to confirm that a low has been posted.
First resistance is the 20 day moving average crossing at 1701.40. Second resistance is last Thursday's high crossing at 1760.50. First support is today's low crossing at 1562.50. Second support is September's low crossing at 1543.30.
Why Are We on High Alert for a Panic Washout Selling Day?
No comments:
Post a Comment