Gold futures fluctuated in a tight range slipping towards the Asian session to see their second straight session retreat since late February while still the third consecutive weekly gain, with the US dollar falling for the ninth session in Athens The top 10 sessions since June 21, 2017 according to the inverse relationship between them on the eve of developments and economic data expected Friday by the US economy, the largest economy in the world.
At 03:42 am GMT, gold futures for April delivery fell 0.03% to currently trade at $ 1,308.80 per ounce, showing a three-week rally from the opening at $ 1,309.30 per ounce, while the dollar index 0.01% to 96.31, resuming its recovery from the upside in nearly two years compared to the opening at 96.32.
Investors are currently waiting for the US economy to release the preliminary reading of the US Industrial and Service Purchasing Managers Index for the month of March, amid expectations that the industrial sector will expand to 53.5 from 53.0 in February, and the service sector will shrink to 55.7 Compared to 53.0 in February.
To the release of housing market data with the release of the existing home sales index, which may reflect a rise of 3.2% to 5.10 million one against a decline of 1.2% at 4.94 million one in January, in conjunction with the final reading of the index of wholesale stocks, which may The slowdown shows growth at 0.2% versus 1.1% in the January preliminary reading and the previous December reading.
This comes hours after the Federal Open Market Committee's meeting during the March 19-20 meeting to keep interest rates between 2.25% and 2.50% and move forward in reducing bond buybacks until next September as the Commission cuts its growth forecast Its expectations for unemployment rates and the decline in its expectations of raising interest rates this year amid maintaining its expectations to be raised once during the next year 2020.
Technical Analysis
Gold has tested the 1301.60 level and starts to bounce back from there, where SMA 50 meets this level to add more strength to it while Stochastic is floating near oversold areas.
Therefore, the bullish trend will be likely in the coming sessions, and the targets begin to exceed the level of 1320.00 to confirm the opening of the way towards 1346.73 as a next station, taking into account that breaking 1302.60 and stability below it will put the price under the downward correction again.
The trading range for today is among the support at 1300.00 and resistance at 1330.00
The general trend for today is bullish