Although there is a limited potential for correction, gold today seems to be continuing its strengthening bias.

[Ben Graham]

[Gold]

If we look at the position of EMA(50) which is above the EMA(200) and the RSI(14) in the Neutral-Bullish area, today XAU/USD has the potential to test its nearest resistance levels

Key Levels

1. Resistance. 2 : 4366.14

2. Resistance. 1 : 4333.98

3. Pivot : 4302.51

4. Support. 1 : 4270.35

5. Support. 2 : 4238.88

Tactical Scenario:

Positive Reaction Zone: If the price of Gold breaks above 4302.51, it will have the opportunity to test 4333.98.

Momentum Extension Bias: If 4333.98 is broken, then XAU/USD will try to test 4366.14.

Invalidation Level / Bias Revision:

The upside bias weakens if the price of XAU/USD drops and closes below 4238.88.

Technical Summary:

EMA(50) : 4307.08

EMA(200): 4286.30

RSI(14) : 60.97

Economic News Release Agenda:

Tonight from the United States, only one economic data release is scheduled which is Crude Oil Inventories on 22:30 WIB

The material has been provided by InstaForex Company - www.instaforex.com