Gold futures traded in a narrowly bullish range during the Asian session as the US dollar index fell on the back of economic developments expected Thursday by the US economy, the world's largest economy.
Gold futures for February delivery rose 0.24% to currently trade at $ 1,245.60 per ounce from the opening at $ 1,242.60 an ounce, with the US dollar falling 0.07% to 97.00 from the opening at 97.01.
Federal Open Market Committee member Randall Quarles followed the opening remarks at the Stanford University Economic Seminar in California, as investors awaited the release of US labor market data as a result of the reading of the Change in Private Sector Index, Added an additional 227,000 jobs in October.
This comes before the final reading of the productivity index and the cost of one work, which may show accelerated productivity growth to 2.3% compared to 2.2% in the previous preliminary reading of the third quarter, compared to 0.9% growth in the second quarter and slowing the cost growth to 1.1% compared to 1.2% , In conjunction with the release of the trade balance index which may show a widening deficit to $ 55.2 billion versus $ 54.0 billion in September.
In conjunction with the reading of the index of claims for the week ending in early December, which may reflect a decrease of 8 thousand requests to 226 thousand requests in the previous weekly reading, as may appear reading the index of continuing claims for the week of November 24, Last fall by 15 thousand applications to 1,695 thousand applications compared to 1,710 thousand applications in the previous weekly reading.
Leading to the final reading of the index of the Institute of Supply Services by Markit from the United States, which may reflect the stability of the breadth at 54.4 compared to 54.8 in October, before the disclosure of the index of the Institute of Supply Service, which may also show a contraction of the breadth to 59.1 compared to 60.3 in October October, and we would like to point out that service delivery is important in that the service sector in America represents more than two thirds of GDP.
Which is expected to drop 1.9% from September's + 0.7%, before Federal Reserve Chairman and Federal Reserve Chairman Rafael Postk talks about the domestic economy in Georgia's economic forecast series in Atlanta, Look for any hints about the future tightening of monetary policy by monetary policy makers in the Federal Reserve.
Technical analysis:
The price of gold is testing a new 1238.30 level, which requires attention from the upcoming trading, especially the daily closing for this level. The breach will stop the negative scenario suggested today and lead the price to rally towards 1262.51 mainly, while stability below the mentioned resistance will push the price towards 1208.40 in the near term.
There is no change for the indicators as the moving averages are still moving below the price in ascending order and we notice that the moving average 7 is approaching the price to give it more stability while the 50 average is approaching 1221.90.
For the Stochastic indicator, it moves in the overbought area to give the price support to continue the uptrend but should be aware of any intersection and exit from this area.
Support and resistance:
Support: 1227.4-1221.9-1211.9;
Resistance: 1238.3-1248.97-1257.00.
General Trend: Upward.