April gold closed higher on Wednesday as it extends the rally off last week's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If April extends the rally off last week's low, the 38% retracement level of the January-March-decline crossing at 1205.50 is the next upside target. Closes below the 10-day moving average crossing at 1168.50 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1199.30.
Second resistance is the 38% retracement level of the January-March-decline crossing at 1205.50.
First support is the 10-day moving average crossing at 1168.50. Second support is March's low crossing at 1141.60.
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