Gold futures fluctuated in a range that is likely to retreat during the Asian session as the dollar index rebounded to a sixth session in eight sessions from its highest since June 21, 2017, according to the inverse relationship between them ahead of developments and economic data expected Monday by the US economy .
Gold futures for April delivery fell 0.28% to currently trade at $ 1,298.60 per ounce from the opening at $ 1,302.00 per ounce, while the US dollar index fell 0.08% to 96.49 compared to the opening at 96.57.
We are looking at the US economy today to release housing market data with the National Housing Association's Housing Index reading, which has widened to 63 versus 62 in February. The most important news for this week is the FOMC meeting tomorrow Tuesday and Wednesday in Washington.
As the Federal Reserve monetary policy makers are expected to keep interest rates between 2.25% and 2.50% at the March 19-20 meeting and move forward with a 50% Fed interest rates once this year and announced plans to stop reducing the reduction of bond buybacks.
Investors are also looking to expose FOMC members to their expectations of growth and unemployment as well as inflation and future federal funds for the next three years ahead of Fed Chairman Jerome Powell's recent press conference on the Fed's determination to be patient and monitor economic data before resuming. The tightening of monetary policy.
Technical Analysis
The support level has held back 1301.60 against the gold that fell below it with the opening of today's session. Where SMA 50 is a very strong resistance to a price at this level.
In general, gold moves between the moving averages that form support and price resistance levels.
The Stochastic has given a bearish cross and is headed down towards the oversold area in a negative signal on the price to fall towards the support level of 1293.52.
The movement is expected to be between the support of 1293.53 and the resistance of 1309.65. The resistance level 1301.60 remains the dividing line between up and down
The general trend of the movement is a side-track between the levels mentioned above