Gold Market Commentary For Tuesday Morning Sept. 13th

Gold was higher on renewed Euro strength in overnight trading as it consolidates some of Monday's decline. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near.

Closes below last Wednesday's low crossing at 1793.80 would temper the near term bullish outlook. Closes below the reaction low crossing at 1705.40 would confirm that an important top has been posted while opening the door for additional weakness near term. Closes above last Tuesday's high crossing at 1923.70 would renew December's rally into uncharted territory.

First resistance is last Tuesday's high crossing at 1923.70. First support is last Wednesday's low crossing at 1793.80. Second support is the reaction low crossing at 1705.40. Golds pivot point for Tuesday morning is 1827.50.

Gold Opens Lower on the Strength of The U.S. Dollar

Gold was lower in Sunday evenings overnight trading session as it consolidates recent gains. Stochastics and the RSI are diverging but are neutral signaling that sideways trading is possible near term. Closes below last Wednesday's low crossing at 1791.00 would temper the near term bullish outlook.

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, but strong support at the 1701-1705 level should bring strong support and a renewed uptrend. Closes above last Tuesday's high crossing at 1920.70 would renew October's rally into uncharted territory.

First resistance is last Tuesday's high crossing at 1920.70. First support is the 20 day moving average crossing at 1822.50. Second support is the reaction low crossing at 1701.70. Golds pivot point for Monday mornings trading is 1858.

Gold Market Commentary For Thursday Morning Sept. 8th

Gold was higher due to short covering in Wednesday evenings overnight session and continued this morning as gold consolidates some of Wednesday's decline. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are likely near term. To maintain this upside move a break of 1923.7 would confirm break of Fibonacci 61.8% level of 1478.3 to 1917.9 from 1705.4 at 1977.1.

But closes above August's high crossing at 1915.00 would be enough to renew October's rally into uncharted territory. Closes below the 20 day moving average crossing at 1811.20 would temper the near term bullish outlook. 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.

First resistance is Tuesday's high crossing at 1920.70. First support is the 20 day moving average crossing at 1811.20. Second support is the reaction low crossing at 1701.70. Golds pivot point for Thursday morning trading is 1831.50.