04.02.202606:51 Forex Analysis & Reviews: Gold has the potential to strengthen toward its nearest Resistance level

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

[Gold]

With EMA(50) and EMA(200) condition forming a Golden Cross and RSI(14) in the Neutral-Bullish area, Gold is likely to strengthen toward its nearest resistance level in the near term.

Key Levels

1. Resistance. 2 : 5199.02

2. Resistance. 1 : 5072.48

3. Pivot : 4866.81

4. Support. 1 : 4740.27

5. Support. 2 : 4534.60

Tactical Scenario

Positive Reaction Zone: If the price holds at 4866.81, Gold is likely to move up toward 5072.48.

Momentum Extension Bias: If 5072.48 is broken to the upside, there is potential to reach 5199.02.

Invalidation Level / Bias Revision

The upside bias weakens if the price breaks and closes below 4534.60.

Technical Summary

EMA(50) : 4922.73

EMA(200): 4958.56

RSI(14) : 70.46

Economic News Release Agenda:

Tonight, during the U.S. session, the following economic data will be released:

US - ADP Non-Farm Employment Change - 20:15 WIB

US - Final Services PMI - 21:45 WIB

US - ISM Services PMI - 22:00 WIB

US - Crude Oil Inventories - 22:30 WIB

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.