Gold futures fell during the Asian session to rebound to their second highest session since early March as the dollar index rebounded to its second-lowest session since the fourth of this month, according to the inverse relationship between them following developments and economic data followed Thursday by the Chinese economy The world's largest consumer of metals and on the eve of developments and economic data expected by the US economy, the largest economy in the world and another vote of the British Parliament on the issue of the UK's exit from the European Union.
Gold futures for April delivery fell 0.37% to currently trade at $ 1,304.70 per ounce from the opening at $ 1,309.50 per ounce, while the US dollar index rose 0.16% to 96.62 compared to the opening at 96.49.
We have followed the Chinese economy, the world's second-largest economy and the world's second-largest industrial nation, the National Bureau of Statistics has revealed to China the annual reading of the retail sales index, which showed a stable growth of 8.2%, unchanged from the previous annual reading of January Last January, in contrast to expectations that growth will slow to 8.1%.
The National Bureau of Statistics (NBS) also reported China's annual Industrial Production Index, which showed a slowdown in growth to 5.3% from 5.7% in January's previous reading, worse than expectations of a 5.5% slowdown in growth, Unemployment, which rose to 5.3% from 4.9% in January.
On the other hand, investors are currently waiting for the US economy to read the index of claims for the last week on March 9th, which could reflect a rise of 2K to 225K, in conjunction with the reading of the import price index which may reflect a rise of 0.3 Versus 0.5% in January, while the index's annual reading may show a decline to 1.6% from 1.7%.
Leading to the release of the New Home Sales Index, which may reflect a slowdown in growth to 0.2% to 622,000 from 3.7% at 621K last December. Otherwise, we followed yesterday US Senator Rob Portman expressed confidence in the actor American businessman Robert Laitheizer and the strength of his country's position in the ongoing trade negotiations with China aimed at resolving trade disputes between the two parties.
Otherwise, we followed on Wednesday the British Parliament's rejection of Britain's exit from the EU without an agreement or an inflexible agreement on trade relations, hours after voting against the amended agreement to exit the UK from the European Union, and is expected to Parliament another vote later Today announced the possibility of postponing the exit beyond 29 this month to allow negotiations to continue with Brussels.
Technical Analysis
The price of gold is showing some bearishness now to test pivotal support 1301.60, where it is affected by stochastic negativity, which is moving within the overbought zone, indicating a weak track.
SMA 50 meets the above mentioned support to add more strength to it, which encourages us to continue to tilt the bullish trend for the coming period, noting that our main targets start at 1320.00 then 1346.73, while a break of 1301.60 is a negative factor that will press the price to return to the downside correction Again.
The trading range for today is among the support at 1295.00 and resistance at 1330.00
The general trend for today is bullish