Gold futures fluctuated in a narrowly bullish range during the Asian session to see their rebound from its lowest since March 21 as the US dollar index declined to show a rebound from its highest since 13 this month according to the inverse relationship between them on the eve of a new round Of China-US trade talks in Beijing as well as economic developments and data expected on Thursday by the US economy.
Gold futures for June delivery rose 0.04% to currently trade at $ 1,315.70 per ounce compared to the opening at $ 1.315.00 an ounce. The US dollar index fell 0.09% to 96.87 compared to the opening at 96.97.
Investors are looking forward to what Federal Reserve Vice Governor and Federal Open Market Committee (FOMC) Chairman Randall Quarles will talk about on the Financial Stability Board's agenda at the European Central Bank's policy conference in Frankfurt. It may reflect a rise of 1K to 222K.
In parallel to the reading of GDP reading, which may reflect the contraction of the largest economy in the world to 2.4% compared to 2.6% growth in the previous preliminary reading for the fourth quarter compared to the expansion of 3.4% in the third quarter, while the same index may reflect the price stability of growth at 1.8%, unchanged from the previous preliminary reading for the fourth quarter and the previous reading for the third quarter.
To show housing data, which may reflect slower growth of existing home sales 0.1% from 4.6% in January. The Federal Reserve cut its growth forecast, raised its forecast for unemployment and dropped its expectations for a rate hike this year amidst the province. On its expectations of raising it once next year, with its confirmation of interest stabilization and the end of the reduction of bond repurchases in September.
Technical analysis:
The price of gold is showing slight negative trading to settle below the support of the bullish intraday channel, noting that Stochastic is showing saturation in the sell now waiting for the price to rebound upwards to resume the expected bullish main direction for the coming period targeting the 1346.73 area.
The continuation of the suggested bullish wave depends on stability above 1302.60, as breaking this level will put the price under negative pressure with the next key target at 1275.30.
The trading range for today is among the support at 1300.00 and resistance at 1330.00.
The general trend for today is bullish.