Gold futures traded in a narrowly bullish range during the Asian session to see a 7-session bounce back in eight sessions since October 11, 2018, as the US dollar index fell to a sixth in nine sessions since January 22, 2017, according to the inverse relationship between them amid a lack of economic data Thursday by the US economy, the largest economy in the world, because of Thanksgiving holiday in the United States.
Gold futures for December delivery rose 0.01% to currently trade at $ 1,228.10 an ounce, showing a six-week low from the opening at $ 1,228.00 an ounce, amid a drop in the dollar index. The US dollar dropped 0.08% to 96.63, showing a rebound from the highest level since the beginning of last year compared to the opening at 96.71.
On Wednesday, US President Donald Trump expressed his desire for the Federal Reserve to cut interest rates. President Trump has recently sent many sharp criticisms to the Federal Reserve, happy with the people he appointed within him, with the exception of Federal Reserve Governor Jerome Powell.
Technical analysis:
The price of gold offers further bullishness on its way towards our main target at 1238.30, and the upside move is likely to be supported in the coming sessions supported by the 50 SMA and Stochastic, noting that the continuation of the expected rally depends on stability above 1208.60.
Support and resistance:
Support: 12221.1-1211.4-1206.4;
Resistance: 1233.0-1238.00.
The slope of my side flag tends to rise.