Gold Closes Sharply Higher
February gold closed sharply higher on Wednesday as it extends this week’s breakout above the 20-day moving average. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If February extends this week’s rally, the reaction high crossing at 1142.90 is the next upside target. Closes below the reaction low crossing at 1086.60 would temper the near-term friendly outlook. First resistance is today’s high crossing at 1141.00. Second resistance is the reaction high crossing at 1142.90. First support is the 20-day moving average crossing at 1113.20. Second support is last Wednesday’s low crossing at 1086.60.
Categorised as: Gold News