FX.co ★ Gold has the potential to strengthen toward its nearest resistance level today

[Gold]

With all Gold technical indicators condition showing the strengthening, the opportunity for Gold to rise toward its nearest resistance level is wide open today.

Key Levels

1. Resistance. 2 : 5120.36

2. Resistance. 1 : 5072.65

3. Pivot : 5030.19

4. Support. 1 : 4982.48

5. Support. 2 : 4940.02

Tactical Scenario

Positive Reaction Zone: If Gold breaks above 5072.65, there is potential for a rise toward 5120.36.

Momentum Extension Bias: If 5120.36 is breached, Gold could continue higher to 5162.82.

Invalidation Level / Bias Revision

The upside bias weakens if Gold falls and closes below 4940.02.

Technical Summary

EMA(50) : 5033.26

EMA(200): 4990.95

RSI(14) : 58.41

Economic News Release Agenda:

Tonight the United States will release the following economic data:

US - Average Hourly Earnings m/m - 20:30 WIB

US - Non-Farm Employment Change - 20:30 WIB

US - Unemployment Rate - 20:30 WIB

US - Crude Oil Inventories - 22:30 WIB

US - 10-y Bond Auction - 01:01 WIB

US - Federal Budget Balance - 02:00 WIB