Gold futures fluctuated in a tight range slipping towards the Asian session to see their rebound to its second highest session since Nov. 7, as the US dollar index for the fifth lows in eight sessions from its highest since January 22 from In 2017 according to the opposite relationship between them on the eve of developments and economic data expected Wednesday by the US economy, the largest economy in the world.
Gold futures for December delivery fell 0.02% to currently trade at $ 1,221.00 an ounce, showing a two-week rally from the top of $ 1.221.20 per ounce. 0.01% to 96.83, a continuation of its uptrend since the beginning of 2017 compared to the opening at 96.84.
Technical analysis:
The price of gold shows more narrow range trading that sits above SMA 50 and below the moving averages of 7-20, while Stochastic is reaching oversold levels now to provide a positive catalyst that is expected to help push the price higher.
Therefore, we will maintain our bullish trend unless 1208.40 is breached and stability below it, noting that our main awaited target resides at 1238.30.
The trading range for today is among the support at 1210.00 and resistance at 1240.00.
Support and resistance:
Support: 1216.3-1210.4-1205.6;
Resistance: 1224.10-1227.4-1235.3.
The general trend for today is bullish.