Gold futures fluctuated in a tight range slipping into the Asian session to see their rebound for the second session since March 13 as the US dollar index rose for the first time in four sessions, rebounding to a second low since early this month. The opposite relationship between them coincided with the meeting of the Federal Open Market Committee in Washington and on the eve of the press conference of Federal Reserve Governor Jerome Powell on Wednesday.
At 03:38 GMT, gold futures for April delivery fell 0.14% to currently trade at $ 1,304.60 per ounce from the opening at $ 1,306.00 an ounce. The US dollar index rose 0.07% to 96.48 compared to the opening at 96.40.
The markets are now looking at the FOMC meeting in Washington on March 19-20 amid expectations that Federal Reserve policy makers will keep interest rates at 2.25% to 2.50% and move forward with cuts in buybacks Bonds at $ 50 billion a month and market pricing to raise the federal funds rate once this year.
Investors are waiting for Federal Open Market Committee members to reveal their expectations for growth and unemployment as well as inflation and the future of 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
The price of gold is showing some slight bearish bias towards the pivotal support of 1301.60, where the 50 SMA meets to add more strength to it, while Stochastic is shedding negative momentum and reaching oversold areas.
Therefore, these factors encourage us to maintain our bullish outlook for the coming period as the price is organized within a bullish intraday channel, indicating that our main targets start at 1320.00 and extend to 1346.73, while stability above 1302.60 is an important continuation of the expected bullishness.
The trading range for today is among the support at 1295.00 and resistance at 1320.00.
The general trend for today is bullish.