Gold futures started to fluctuate after last week's drop, where the corrective wave may have come to an end. Which began on February 19 amid the rise of the US dollar index for the fifth consecutive session of its lowest since the fifth of the past Shibater, according to the opposite relationship between them on the eve of developments and economic data expected Wednesday by the US economy, the largest economy in the world.
In the Asian session, gold opened the session slightly lower than the opening price of $ 1.288.80 per ounce, reaching a low of $ 1285.52. The US dollar index rose 0.08% to 96.97, showing a bounce from a month low compared to the opening at 96.90.
Of the US economy We are looking to release preliminary data for the labor market with the release of the index of change in private sector jobs, which may reflect the slow pace of job creation to 190 thousand added jobs compared with 213 thousand jobs added in January, hours before the disclosure of the report Monthly for non-agricultural jobs and unemployment rates in addition to the average income per hour for the last month.
Investors are also looking for a trade balance, which could reflect a widening deficit to $ 57.8 billion versus $ 49.3 billion in November, and the expected talk of FOMC member and New York Bank Chairman John Williams at the New York Economic Club, About the Beige Book report, which is important in being issued two weeks before the FOMC meeting.
Technical Analysis
Gold prices settled in trading near the 1285.00 level in reference to the end of the bearish corrective wave as the price started to fluctuate above the moving average 7 which is currently trading below the price. The Stochastic is heading towards the overbought area. And the target is the resistance level 1302.15
The general trend of the sideways movement. awaiting a single price break 1302.15 -1275.00 until we get a clear direction for the price.
Support and resistance:
Support: 1281.61-1275.00-1263.30-1252.82
Resistance: 1294.65-1302.15-1315.20-1323.50