Gold has the potential to continue its upward bias today.

[Ben Graham]

GOLD

With all technical indicators pointing to strengthening, then Gold has the potential to strengthen today, rising towards its nearest resistance level.

Key Levels

1. Resistance. 2 : 5304.28

2. Resistance. 1 : 5241.65

3. Pivot : 5127.27

4. Support. 1 : 5064.64

5. Support. 2 : 4950.26

Tactical Scenario

Positive Reaction Zone: If the price holds at the pivot level of 5127.27, gold will likely rise towards 5241.65

Momentum Extension Bias: If 5241.65 is successfully broken, gold will strengthen towards 5304.28

Invalidation Level / Bias Revision

Upside bias weakens when gold breaks below 4950.26

Technical Summary

EMA(50) : 5134.61

EMA(200): 5008.79

RSI(14) : 81.50

Economic News Release Agenda:

Tonight, the United States will release the following economic data:

US - Crude Oil Inventories - 10:30 PM WIB

US - Federal Funds Rate - 2:00 AM WIB

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