Gold futures fluctuated in a narrowly bearish range to see their rebound for the second consecutive session of its highest since November 7, deflecting the US dollar's sixth index decline in nine sessions from its highest since January 22. In 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 the Thanksgiving holiday in the United States.
Today, the price of gold opened at the opening of the Asian session to trade currently at $ 1,227.80 an ounce as the session opened at 1225.4, while the dollar index fell 0.20% to 96.52, showing a rebound from the highest since the beginning of last year compared to the opening at 96.71.
Republican President Trump on Wednesday said he wanted the Federal Reserve to cut interest rates. President Trump has recently sent many sharp criticisms to the Fed, saying it was his biggest threat and he was not happy with people, whom he appointed within him, with the exception of Federal Reserve Governor Jerome Powell.
Elsewhere, gold holdings at SBDR Gold Trust, the world's largest gold-backed fund, rose by 2.06 metric tons to 762.92 metric tons on Wednesday. Gold prices last month ended their longest monthly losses since late 1996, rising in October for the first time in seven months.
Technical analysis:
The narrow range continues to dominate the gold price, which remains stable above SMA 50 and therefore does not change the upside trend targeting the 1238.30 test as the next major station, while stability above 1208.40 is the key condition for the continuation of the expected rally.
The price is trading above the moving averages 7-20-50, which is pushing the price higher, while the stochastic oscillates in a sideways path.
The trading range for today is expected among the support at 1221.10 and resistance at 1238.00.
Support and resistance:
Support: 1221.1-1211.4-1206.4;
Resistance: 1233.0-1238.30-1242.
The general trend for today is bullish.