Gold futures traded in a narrowly bullish range during the Asian session to see their sixth session rebound in nine sessions from its lowest since January 25 as the US dollar rebounded to its seventh session in nine sessions from its highest since June 21, June 2017 according to the inverse relationship between them on the eve of the launch of the meeting of the Federal Open Market Committee in Washington.
Gold futures for April delivery rose 0.27% to currently trade at $ 1,306.90 per ounce from the opening at $ 1,303.70 per ounce. The US dollar index fell 0.11% to 96.42 from the opening at 96.51.
The markets are now looking to kick-start the FOMC meeting today and Wednesday in Washington amid expectations that Federal Reserve policy makers will keep rates between 2.25% and 2.50% and move forward with a 50% $ 1 billion per month and market pricing to raise the federal funds rate once this year.
Investors are also looking to expose FOMC members to expectations of growth and unemployment as well as inflation and future interest rates for the next three years ahead of Fed Chairman Jerome Powell's forthcoming press conference, which recently announced the Fed's intention to be patient and monitor economic data before resuming policy tightening. Cash or not.
Technical Analysis
Gold is trading very positively as it managed yesterday to close above the resistance level 1301.60 to start today's trading up to the level of resistance 1309.60
The moving averages 7-50 support the price to rise as it is moving below the price while the price faces resistance from the moving average 20
The Stochastic is giving positive signals to the upside where the positive cross has crossed between the lines and is heading towards the areas of saturation of the purchase
The trading range for today is among the support at 1301.60 and resistance at 1309.60 and the key level is 1315.00
Support and resistance:
Support: 1301.60-1293.50
Resistance: 1309.60-1315.00
Track: Move