Gold closed higher on Tuesday extending the rally off December's low. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
Closes above the reaction high crossing at 1643.70 are needed to confirm that a low has been posted. If February renews the decline off November's high, July's low crossing at 1482.60 is the next downside target.
First resistance is today's high crossing at 1641.40. Second resistance is the reaction high crossing at 1643.70. First support is December's low crossing at 1523.90. Second support is July's low crossing at 1482.60.
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