Gold futures rallied during the Asian session, their highest since late February as the US dollar index fell for the ninth session in 11 sessions of its highest since June 21, 2017 according to the inverse relationship between them on the eve of developments And economic data expected Thursday by the US economy, the largest economy in the world.
Gold futures for April delivery rose 0.41% to currently trade at $ 1,317.90 an ounce, the highest in three weeks compared to the opening at $ 1,312.70 an ounce, amid a decline of the US dollar index of 0.01% to Levels of 95.90, showing a continuation of the rebound from the top in nearly two years compared to the opening at 95.91.
Investors are currently waiting for the US economy to read the Jobless Claims for the week ending March 16th, which may reflect a decrease of 3K to 226K versus 229K. Of the month, down by 8 thousand applications to 1,768 thousand applications against 1,776 thousand applications.
This comes in conjunction with the release of the Philadelphia Industrial Index, which may reflect a widening to 4.6 against a contraction of 4.1 in February, before we see the leading index reading, which may rise 0.1% versus 0.1% January, coming hours after the March 19-20 meeting of the Federal Open Market Committee in Washington.
Fed monetary policy makers have agreed to keep interest rates between 2.25% and 2.50% and move forward with a $ 50bn rebound in bond purchases until September as the Federal Reserve cuts its growth forecast and raises its forecast for rates Unemployment and the decline in the expectations of raising interest rates during the current year, while maintaining their expectations to raise once in the next year 2020.
Technical Analysis
The price of gold opens higher today to reach our first target at 1320.00, and the price continues to move within the bullish intraday channel which supports the chances of a bullish wave extending to reach our next target at 1346.73.
Therefore, we continue to favor the bullish trend in the coming sessions supported by SMA 50, taking into consideration that the break of 1302.60 will stop the expected rally and press the price to return to the downside correction.
The trading range for today is among the key support at 1305.00 and resistance at 1340.00
The general trend for today is bullish