Gold futures fluctuated in a narrow range inclined during the Asian session as the US dollar index fell in line with the inverse relationship, with a lack of economic data earlier this week by the US economy, the world's largest economy. On Monday, Open and Chicago Fed Chairman Charles Evans in Hong Kong.
Gold futures for June delivery rose 0.14% to currently trade at $ 1,315.20 per ounce, compared to the opening at $ 1,313.30 per ounce, while the US dollar index fell 0.02% to 96.62 compared to the opening at 96.64.
Investors are now waiting for Federal Committee member Charles Evans to talk about the economy and monetary policy at the Credit Suisse Asian Investment Conference, hours after the FOMC meeting of March 19-20 ended, during which monetary policymakers The Fed has interest rates at between 2.25% and 2.50%.
Members of the Federal Open Market Committee also agreed at their last meeting to move forward with a reduction in bond buybacks until September as the commission cuts its growth forecast, raises its unemployment forecast and drops its interest rate expectations this year amid maintaining its forecast of a one-time increase During the next year 2020.
Otherwise, investors are looking forward later this week for a new round of US-China trade talks in Beijing as a US delegation heads to China before a Chinese delegation heads to Washington next week to complete talks amid expectations that the world's top economists will reach a trade deal To avoid war by April.
Technical Analysis:
The price of gold rebounded after testing the support of the bullish intraday channel appearing in the image to resume the expected bullish path for the coming period targeting the breach of 1320.00 to confirm the opening of the way towards 1346.73 as the next major station.
Therefore, we will continue to bias the bullish trend supported by the SMA 50 unless the level of 1302.60 is breached and stability below it, as breaking this level will press the price to return to the corrective correction path again.
The trading range for today is among the key support at 1305.00 and resistance at 1335.00.
The general trend for today is bullish.