Gold futures fluctuated in a narrow upward range during the Asian session to see their rebound to its second lowest session since October 11, capping the US dollar's rebound to its fourth straight session since 22nd of the same month according to the inverse relationship between them Amid a lack of economic data by the US economy on Monday because of the Veterans Day holiday in the United States.
Gold futures for December delivery rose 0.16% to currently trade at $ 1,210.50 per ounce, compared with the opening at $ 1,208.60 an ounce, while the dollar index rose 0.09% to 96.99 levels compared to the opening at 96.90.
Technical Analysis:
Gold is trading at 1208.40, and we note that the price completed the formation of a double top pattern shown in the picture on the stock, which supports the chances of the extension of the short-term bearish wave, noting that breaking the levels of 1208.40 and then 1198.00 will confirm opening the way to target areas of 1180.00 during the coming sessions.
Indicators confirm the bearishness as the Stochastic in the oversold areas and the moving averages 7-20-50 in an ideal order for the hedge and press the price for further decline.
Therefore, we will continue to bias the downside move for today, unless the 1223.00 level is breached and stability above it.
The trading range for today is among the support at 1190.00 and resistance at 1223.00.
Support and resistance:
Support: 1208.60-1198.00-1186.60
Resistance: 1214.40-1223.00-1227.70
The general trend for today is bearish.