GOLD

With both EMAs condition forming a Death Cross intersection and RSI(14) indicator in the Neutral-Bearish level, confirmed that seller pressure is quite dominant, so it will bring Gold to move toward its nearest support level in the near term.

Key Levels

1. Resistance. 2 : 4636.16

2. Resistance. 1 : 4559.01

3. Pivot : 4511.73

4. Support. 1 : 4434.58

5. Support. 2 : 4387.30

Tactical Scenario

Pressure Zone: If 4434.58 is broken down, there is potential for continued weakness toward 4387.30.

Momentum Extension Bias: If 4387.30 is broken to the downside, Gold could test the support level at 4310.15.

Invalidation Level / Bias Revision

The downside bias is restrained if the price strengthens and breaks above 4636.16.

Technical Summary

EMA(50) : 4510.21

EMA(200): 4570.34

RSI(14) : 33.63

Economic News Release Agenda:

Today the United States will release the following economic data:

US - Crude Oil Inventories - 21:30 WIB

US - FOMC Meeting Minutes - 01:00 WIB