Gold futures fluctuated in a tight range slipping towards the Asian session to see their fifth session rebound since November 7, defying the US dollar's decline, rebounding to its second-highest session since 15 this month according to the inverse relationship between them on the eve of developments and economic data expected Tuesday by the US economy, the largest economy in the world.
Gold futures for February delivery fell 0.05% to currently trading at $ 1,221.80 per ounce, showing a three-week rally from the opening at $ 1,222.40 an ounce, while the US dollar index 0.05% to 97.03, indicating a rebound from the upside in nearly two weeks compared to the opening at 97.07.
Investors are waiting for Federal Reserve Vice President Richard Clarida to speak at the annual conference of the Institute for Banking and Clearing Policy in New York on the basis of economic data and monetary policy before the release of housing market data, may reflect accelerated growth to 0.4% versus 0.3% in August.
The markets are also looking for the S & P House price index, which may show a slowdown in growth to 5.3% versus 5.5% in August, before we see the consumer confidence reading release, which may reflect a contraction of the widening to 136.2 versus 137.9 in October Last October, to the participation of the President of the Federal Reserve Bank of Atlanta and member of the Federal Committee Rafael Postek discussion panel on the economy in New York.
Technical Analysis:
The price of gold is fluctuating sideways and moving at SMA 50, and as long as the price is above 1208.40, our bullish outlook remains valid for the coming period, supported by stochastic approaching the oversold areas, with a reminder that we are targeting 1238.30 as the next key station.
Support and resistance:
Support: 1218.00-1212.00-1208.6
Resistance: 1224.5-1227.5-1232.3-1238.3
General direction: Side
Author: Maher Maarouf