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[XAU/USD]
With both EMAs forming a Golden Cross, although the RSI is still in the Neutral-Bearish level, it seems that the strengthening momentum continues to dominate in XAU/USD.
Key Levels:
1. Resistance. 2 : 4175.64
2. Resistance. 1 : 4150.99
3. Pivot : 4123.81
4. Support. 1 : 4099.16
5. Support. 2 : 4071.98
Tactical Scenario:
Positive Reaction Zone: If the price of XAU/USD breaks above 4123.81, there is potential to continue to 4150.99.
Momentum Extension Bias: If 4150.99 is breached and closed above, XAU/USD will continue strengthening up to 4175.64.
Invalidation Level / Bias Revision:
The upside bias weakens if the price of Gold declines and breaks below 4071.98.
Technical Summary:
EMA(50) : 4119.78
EMA(200): 4070.80
RSI(14) : 32.39
Economic News Release Agenda:
Today, there are no economic data releases from the U.S. market session.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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