Although there is potential for a limited correction, Gold is likely to continue its strengthening bias in the near term.

[Ben Graham]

GOLD

With technical conditions supporting Gold's strength as well as the heating up of geopolitical tensions, it is not surprising that Gold continues its strengthening bias.

Key Levels

1. Resistance. 2 : 4836.01

2. Resistance. 1 : 4799.50

3. Pivot : 4729.34

4. Support. 1 : 4692.83

5. Support. 2 : 4266.67

Tactical Scenario

Positive Reaction Zone: If the price breaks above 4799.50, it may move toward 4836.01.

Momentum Extension Bias: If 4836.01 is also broken, there is potential for Gold to reach 4906.17.

Level Invalidation / Bias Revision

The upside bias weakens if the price of Gold falls below 4266.67.

Technical Summary

EMA(50) : 4759.88

EMA(200): 4674.00

RSI(14) : 82.43

Economic News Release Schedule:

Later tonight, ahead of the U.S. market open, in addition to a scheduled speech by U.S. President Donald Trump at 20:30 WIB, the following economic data will be released:

AS - Pending Home Sales m/m - 22:00 WIB

AS - Construction Spending m/m - 22:00 WIB

AS - Construction Spending m/m - 22:00 WIB

AS - API Weekly Statistical Bulletin - 04:30 WIB

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