April gold closed higher on Wednesday as it extends this years rally. The high-range close sets the stage for a steady to higher opening when Thursdays night session begins trading. Stochastics and the RSI are diverging and are turning bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off Decembers low, the 87% retracement level of the August-December decline crossing at 1398.00 is the next upside target. Closes below the 20-day moving average crossing at 1331.80 are needed to confirm that a short-term top has been posted. First resistance is the 75% retracement level of the August-December decline crossing at 1368.00. Second resistance is the 87% retracement level of the August-December decline crossing at 1398.00. First support is the 20-day moving average crossing at 1331.80. Second support is the reaction low crossing at 1319.30.
Posted on: Thu, 13 Mar 2014 09:05:02 +0000
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