Gold futures traded in a tight range slipping towards the Asian session to see their rebound to its second highest session since June 25 as the US dollar index rebounded, rebounding to its second low since November 20 according to the inverse relationship between them On the eve of developments and economic data expected Friday by the US economy, the largest economy in the world.
Gold futures for February delivery fell 0.02% to currently trade at $ 1.263.50 per ounce from the opening at $ 1.263.50 per ounce, with the US dollar index rising 0.09% to 96.48 compared to the opening at 96.39. .
The markets are currently looking for the US economy to reveal several important economic data that may reflect the stability of the largest economy in the world at 3.5% in the third quarter, according to the final reading of GDP, unchanged from the previous preliminary reading and compared to growth of 4.2% in the second quarter last , And the same reading of the price index may reflect a stable growth of 1.7% versus 3.0% in the second quarter.
This comes in conjunction with the release of the Durable Goods Orders, which account for about half of consumer spending, which accounts for more than two-thirds of US gross domestic product, which could reflect a 1.6% rise from a 4.3% fall in October, The core of the index itself accelerated to 0.3% from 0.2% in October.
Investors are also looking to release spending and personal income data, which may reflect slowing personal spending growth to 0.3% from 0.6% in October and slowing personal income growth to 0.3% from 0.5% in October, Personal consumption dampening accelerated growth to 0.2% from 0.1% in October.
In conjunction with the final reading of the University of Michigan Consumer Confidence Index, which could reflect a 97.6 increase from November's preliminary reading and the previous reading of 97.5 in November, hours after the Federal Open Market Committee decided to raise interest rates by 25 basis points For the fourth time this year to between 2.25% and 2.50% and move forward in reducing bond buybacks.
Technical Analysis
The price of gold has succeeded in reaching the awaited target at 1262.50 and is attempting to confirm its breach, thus supporting the short term upside extension. Our next target is at 1286.70, supported by the SMA 50, with a continuation of the bullishness based on stability above 1238.30.
A failure to close above the resistance of 1262.5 will push the price towards a correction towards 1238.4 support
The trading range for today is among the support at 1235.00 and resistance at 1275.00
Support and resistance:
Support: 1251.3-1238.4-1227.3
Resistance: 1262.3-1275.00-1286.9
The general trend for today is bearish