GOLD
Although the condition of Gold is still moving in a ranging pattern, but it has the potential to test its nearest resistance level, as confirmed by both EMAs which is forming a Golden Cross.
Key Levels
1. Resistance. 2 : 4843.55
2. Resistance. 1 : 4779.06
3. Pivot : 4708.50
4. Support. 1 : 4644.01
5. Support. 2 : 4573.45
Tactical Scenario
Positive Reaction Zone: If the price holds at 4708.50, there is a likelihood of a move up toward 4779.06.
Momentum Extension Bias: If 4779.06 is broken, 4843.55 becomes the next target.
Invalidation Level / Bias Revision
The upside bias weakens if Gold falls below 4573.45.
Technical Summary
EMA(50) : 4702.90
EMA(200): 4693.23
RSI(14) : 42.50
Economic News Release Agenda:
Tonight the United States will release the following economic data:
US - Core PPI m/m - 19:30 WIB
US - PPI m/m -19:30 WIB
US - Crude Oil Inventories - 21:30 WIB
US - 30-y Bond Auction - 00:01 WIB
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