Gold seems to have the opportunity to continue the strengthening toward its nearest resistance level.

[Ben Graham]

[Gold]

With both EMAs which still intersects the Golden Cross and the RSI in the Neutral-Bullish level, Gold has the potential to strengthen today.

Key Levels

1. Resistance. 2 : 4273.12

2. Resistance. 1 : 4254.94

3. Pivot : 4199.01

4. Support. 1 : 4171.83

5. Support. 2 : 4124.90

Tactical Scenario:

Positive Reaction Zone: If the price of XAU/USD breaks out and closes above 4254.94, it may move toward 4273.12.

Momentum Extension Bias: If 4273.12 is broken, Gold may continue its upward movement up to the level of 4320.05.

Invalidation Level / Bias Revision:

The upside bias weakens if the price of Gold declines and breaks below 4124.90.

EMA(50) : 4198.95

EMA(200): 4157.82

RSI(14) : 69.91

Economic News Release Agenda:

Tonight, the following important economic data will be released from the United States:

US - Final Manufacturing PMI - 21:45 WIB

US - ISM Manufacturing PMI - 22:00 WIB

US - ISM Manufacturing Prices - 22:00 WIB

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