Market commentary

PRECIOUS METALS

April gold was higher due to short covering overnight as it consolidates some of the decline off January’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off January’s high, December’s low crossing at 1143.40 is the next downside target. Closes above the 20-day moving average crossing at 1195.10 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1195.10. Second resistance is the reaction high crossing at 1223.00. First support is the 87% retracement level of the November-January-rally crossing at 1154.90. Second support is December’s low crossing at 1143.40

Post Comment