Gold futures fluctuated in a tight range slipping towards the Asian session to see their fifth session rebound in seven sessions from its highest since February 19 as the US dollar rebounded to its eighth session in 10 sessions from its lowest since the 4th of the same month. Of the inverse relationship between them following the decisions and directions of the Reserve Bank of Australia and on the eve of developments and economic data expected Tuesday by the US economy, the largest economy in the world.
Gold futures for June delivery fell 0.01% to currently trade at $ 1,292.10 an ounce, showing a five-week rally from the opening at $ 1,292.20 an ounce. 0.01% to 97.35, showing a rebound from its 2-month low compared to the opening at 97.33.
We followed the release of Reserve Bank of Australia monetary policy statement with the decision of the Bank of Australia's monetary policymakers to keep short-term interest rates at 1.50% for the 29th consecutive meeting, which was in line with analysts' expectations, Annual Australian Government Annual Budget by the Australian Treasury.
In addition, investors are currently waiting for the US economy to release the Durable Goods Orders, which account for about half of consumer spending, which accounts for more than two-thirds of US GDP, which could reflect a 1.1% drop from January's + 0.3%. While the core reading of the index itself may rise 0.3% from 0.2% in January.
Technical Analysis
The price of gold is showing negative negative trading on its way towards our target at 1279.10, which represents 38.2% Fibonacci retracement of the high from 1173025 to 1341.27, which means that breaking it will extend the corrective correction to reach 1253.20 in the near term.
SMA 50 is a continuous negative pressure that supports the chances of further downside during the coming sessions, especially as the price is a double top pattern showing its features so that we continue to maintain the bearishness over intraday basis if the price does not breach the 1301.60 level and the daily closing above it.
The trading range for today is among the support at 1270.00 and resistance at 1301.60
The general trend for today is bearish