Gold closed higher on Thursday as it consolidated some of Tuesday's decline. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI have turned bearish hinting that a short term top might be in or is near.
Closes below the 20 day moving average crossing at 1116.90 are needed to confirm that a short term top has been posted. If February extends the rally off December's low, the reaction high crossing at 1170.20 is the next upside target.
Thursday evenings pivot point is 1131.40
First resistance is Monday's high crossing at 1163.00
Second resistance is the reaction high crossing at 1170.20
First support is Wednesday's low crossing at 1118.50
Second support is the 20 day moving average crossing at 1116.90
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