Gold has fluctuated in a narrow range that has been rising since the opening of today's session as the US dollar index fell for a second straight day.
Today, at the opening of the Asian session, gold fell from the opening levels by 0.12% to return to the upside again as it is trading at $ 1289.00 per ounce compared to the opening levels of $ 1297.26, gold achieved the highest price of trading as of today 1298.24 $ and the lowest price of $ 1295.24.
At the beginning of this week, Gibrom Powell said in a television interview that the Fed's policy of patience and monitoring of economic data that will determine the decisions and directions of the next Federal Commission is now appropriate.
Looking ahead to the US economy, the Retail Sales survey, which accounts for nearly half of consumer spending, which accounts for more than two-thirds of US GDP, may reflect stability at zero levels versus a 1.2% drop in December, The same index rose 0.4% against a 1.8% drop, before we saw a reading of business inventories, which could show a 0.6% rise from a 0.1% drop last November.
Technical Analysis
Gold is approaching the target of resistance level 1301.60 where the price is facing strong resistance is the moving average 50 as well as this level is at the rate of decline Fibonacci 23.6%.
The stochastic is out of the oversold area and is headed towards the upside forming a positive pressure on the price to test the resistance level.
We are still in the intraday downtrend as long as trading remains below 1301.60.
The trading range for today is among the support at 1270.00 and resistance at 1310.00