Gold futures fluctuated in a tight range slipping during the Asian session to see their rebound for the second consecutive session from its highest since April 11, 2018, shedding the dollar index for the first time in four sessions according to the inverse relationship between them on the eve Developments and economic data expected Monday by the US economy, the largest economy in the world.
Gold futures for August delivery fell 0.01% to currently trade at $ 1,345.30 per ounce compared with the opening at $ 1,345.50 an ounce. The contracts closed last week at $ 1.344.50 an ounce, while the decline From the US dollar 0.02% to the levels of 97.50 compared to the opening at 97.52, knowing that the index ended last week at 97.57.
Investors are looking for the US economy, the world's largest industrial nation, to read the New York Manufacturing Index, which may reflect a contraction to 12.1 versus 17.8 in May before we see housing market data released with the housing index reading by the Association National home builders, which may reflect an expansion to $ 67 versus $ 66 in May.
This comes hours before the start of the meeting of the Federal Open Market Committee in Washington, which is expected to keep the interest rates between 2.25% and 2.50% for the fourth meeting in a row, as markets look to reveal the Commission's expectations of growth rates, inflation and unemployment In addition to the future interest rates for the next three years before the launch of the press conference of the Governor of the Federal Reserve Jerome Powell.
We would like to point out that the Federal Reserve Governor Powell recently expressed the Federal Reserve's uncertainty about how and when the trade tensions will be resolved, noting that the Federal Commission takes seriously inflationary pressures for an extended period that may affect inflation expectations later, The Federal Reserve is abandoning its policy of patience and cutting interest rates on federal funds in the coming period.
Gold found it difficult to hold steady above 1346.70, noting that the price starts today with a bullish upward trend in the direction of resuming positive attempts, in conjunction with Stochastic reaching oversold areas, Breaching the mentioned level to open the way towards the 1365.25 which represents our next main target.
From here, our bullish trend will remain supported by SMA 50, provided that the pair remains stable above 1326.00.
The trading range for today is among the support at 1330.00 and resistance at 1360.00.
The general trend for today is bullish.