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

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