Gold futures rose for the fourth session in a row for the fourth consecutive session since October 11 amid the decline of the dollar index for the third session in five sessions of its highest since 22 January 2017 following developments and data Economic growth that was followed Friday by the US economy, the world's largest economy.
Gold holdings at the SBDR Gold Trust Fund, the world's largest gold-backed fund, stabilized on Thursday for a second straight day at 761.16 metric tons. Gold prices last month ended their longest monthly losses since late 1996, rising in October for the first time in seven months.
Today, at the opening of the Asian markets opened the price of gold at 1221.9 levels and achieved the highest price of 1223.1 and the lowest price of 1219.9.
Technical analysis:
The price of gold traded positively and kept the price of gold steady above 1212.00.
The SMA 50 continues to support the price from the bottom, reinforcing expectations for a continuation of the bullish trend during the upcoming sessions.
Noting that our next main target is at 1238.30, and that the continuation of the expected rally depends on stability above 1212.00 and 1208.40. Which is an important condition for achieving the expected objectives.
Gold is currently trading above the moving averages 7-20 and 50 and waiting for the ideal arrangement, while the Stochastic is giving a bearish cross signal, which is a sign of a minor correction to the rally during the previous session.
The trading range for today is expected among the support at 1200.00 and the resistance at 1230.00.
Support and resistance:
Support: 1212.5-1208.6-1197.5;
Resistance: 1228.2-1235.0-1238.0.
The general trend for today is bullish.