[XAU/USD]
The Death Cross position of the EMA (50) with the EMA (200), along with the RSI in the Neutral-Bearish zone that also shows a hidden divergence, suggests that Gold has the potential to continue its decline today.
Key Levels
1. Resistance. 2 : 4287.73
2. Resistance. 1 : 4185.50
3. Pivot : 4108.53
4. Support. 1 : 4006.30
5. Support. 2 : 3929.33
Tactical Scenario:
Pressure Zone: If the price of Gold weakens and breaks down to close below 4006.30, it may test 3929.33.
Momentum Extension Bias: If 3929.33 is breached, there is potential for XAU/USD to move to 3827.10.
Invalidation Level / Bias Revision:
The downside bias is contained if the price of XAU/USD strengthens and closes above 4287.73.
Technical Summary:
EMA(50) : 4123.53
EMA(200): 4132.69
RSI(14) : 46.31 + Hidden Bearish Divergent
Economic News Release Agenda:
Tonight, the following economic data will be released from the United States:
US - Empire State Manufacturing Index - 20:30 WIB
US - Construction Spending m/m - 22:00 WIB