Gold futures rallied during the Asian session, their highest since June 20, defying the positive stability of the dollar index according to the inverse relationship between them on the eve of developments and economic data expected Wednesday by the US economy, the largest economy in the world.
Gold futures for February delivery rose 0.31% to currently trade at $ 1,275.70 an ounce, the highest in six months compared to the opening at $ 1,271.80 per ounce, while the dollar index rose 0.01% to Levels of 96.59 compared to the opening at 96.58.
The markets are currently looking for the US economy to release housing data with the S & P House Price Index reading, which may show a slowdown in growth to 4.8% versus 5.1% last September, before we see the Richmond Industrial Average reading which may reflect Extending from 16 to 14 last November.
Elsewhere, gold prices continue to benefit from the shift from high-risk stocks to precious metals, led by the yellow metal, which is a safe haven following US stocks closing for the fourth session in a row, To reflect last week's worst weekly performance since August 2011 on Wall Street.
Technical Analysis
The price of gold starts today with a positive positive to attack the resistance of the corrective correction channel and is trying to hold it above it, which makes it preferable to stop the neutral temporarily to monitor the behavior of the price for the level of 1270.00 as stability with daily closing above it will confirm the continuation of the upward trend towards 1286.70 as a positive next station, Without it again will re-activate the scenario of the downward trend targeting 1238.30 areas mainly.
The moving averages support the price for further upside and the Stochastic is approaching the buy saturation area in reference to the strength of the price
The trading range for today is among the support at 1260.00 and resistance at 1285.00
Support and resistance:
Support: 1262.80-1257.00-1251.3
Resistance: 1275.00-1286.00
The expected general trend for today: neutral