Gold futures traded in a tight range sloping upward during the Asian session to witness the highest since October 26 amid the decline of the dollar index for the fourth session in five sessions of the highest since 13 November last, according to the inverse relationship between them Following a talk by Federal Reserve Governor Jerome Powell and a member of the Federal Committee of the United States in Washington, and on the eve of the forthcoming speech of Federal Committee member and New York New York Fed Chairman John Williams in New York.
Gold futures for February delivery rose 0.10% to currently trade at $ 1,240.90 an ounce, the highest in six weeks compared to the opening at $ 1,239.60 an ounce, amid the decline of the US dollar index to 0.23% Levels of 96.81 show a three-week rebound from the top compared to the opening at 97.04.
We have followed Federal Reserve Governor Paul and Federal Committee member Brenard in celebrating the distinction in community development and guiding them to the inaugural opening of the Federal Reserve, Janet Yellen, for excellence in community development. Otherwise, investors are currently waiting for what Federal Committee member John Williams on domestic employment and workforce trends in the New York Fed.
Otherwise, we would like to point out that the testimony of Federal Reserve Governor Jerome Powell to the Joint Economic Committee for Congress, which was due to be seen on Wednesday on the economic outlook, was postponed because the forty-fifth President Donald Trump passed on December 5 of This year is a public holiday in the United States in honor of honoring former US President George HW Bush. W.
Paul's latest talk about rural America and the economy at the annual Housing Assistance Council meeting in Washington is expected to be held ahead of last week's US labor market data, which could reflect a stable unemployment rate of 3.7% for the third month in a row, Average hourly income, while reading the change in the employment of sectors other than agriculture may reflect a slower pace of job creation.
Technical analysis:
Gold is resuming today's positive trading to reach the awaited target at 1238.30, and the pair continues to receive positive support from the moving average 7-20-50, encouraging us to waiting the break of this level and extend the upside wave to target 1262.51 as the next major station.
Stochastic is trading in the overbought area. Therefore, the bullish bias will remain dominant during the coming sessions, noting that a break of 1228.00 might force the pair to test the 1208.40 areas before any new attempt to rise.
The trading range for today is among the support at 1227.00 and resistance at 1250.00.
Support and resistance:
Support: 1227.50-1221.10-1211.40;
Resistance: 1238.30-1242.70-1250.4.
The general trend for today is bullish.