Gold futures fluctuated in a tight range slipping towards the Asian session to see their fifth-session bounce back since late February and the first weekly loss in four weeks and the second consecutive monthly loss as the dollar index rose for the sixth session in eight sessions From its lowest since the fourth of last month according to the inverse relationship between them.
Gold futures for June delivery fell 0.09% to currently trade at $ 1,293.70 an ounce, settling near a three-week low compared to the opening at $ 1,295.00 an ounce. 0.01% to 97.21, with stability near the top in two weeks compared to the opening at 97.20.
Investors are currently looking to the US economy to reveal spending and personal income data that may reflect personal spending rose to 0.3% from 0.5% in December and personal income rose to 0.3% versus a 0.1% decline in December, While the Personal Consumption Expenditures Index (CPI), which inhibits growth, may show 0.2% in January.
This comes ahead of the release of the Chicago PMI, which may reflect a contraction of 61.1 vs. 64.7 in February, to reveal housing market data with the release of the New Home Sales Index, which may reflect a 2.1% 625 thousand homes compared to a 6.9% decline at about 607 thousand homes in January.
In conjunction with the final reading of the University of Michigan consumer confidence index, which may reflect the stability of the wideness at 95.8, unchanged from the initial reading this month, compared to 97.8 in February, before we see the expected talk to the Deputy Governor of the Federal Reserve and member of the Federal Committee For the open market Randall Quarles about the overall precautionary policy at the spring meeting of the Shadow Committee for the Open Market in New York.
Technical Analysis
The price of gold broke the level of 1302.60 after stability with a daily closing below it, which puts the price under the downward correction again, and we expect the continuation of the downward trend to visit the level of 1275.30, which represents our main goal next.
Therefore, the bearish trend will be likely in the coming sessions unless the breach of 1302.60 is breached above it, noting that breaking the 1275.30 level will extend the downside wave to reach 1253.20 as the next major station.
The trading range for today is among the key support at 1275.00 and resistance at 1302.60
The general trend for today is bearish