Gold futures fluctuated in a tight range sloping upward during the Asian session to see their rebound to a third session in four sessions since March 8 as the USD index rebounded for the second consecutive session from its highest since the same day according to the inverse relationship between them On the eve of developments and economic data expected Wednesday by the US economy, the largest economy in the world and resumed trade talks between China, the largest consumer of metals globally and the United States in Washington.
Gold futures for June delivery rose 0.04% to currently trading at $ 1,297.20 an ounce, showing a four-week trough from the opening at $ 1,296.90 an ounce, amid the decline of the US dollar index 0.01% to 97.35, showing a rebound from its 2-month low compared to the opening at 97.33.
Investors are eyeing the US economy for preliminary data on the labor market, with the reading of the Change in Private Sector Index, which may reflect the acceleration of job creation to 184,000 added jobs versus 183,000 in February, Monthly for non-agricultural jobs and unemployment rates in addition to the average income per hour for the last month later this week.
Leading to the final reading of the index of the Institute of Supply Services by Markit from the United States, which may reflect the stability of the breadth at 54.8 compared to 56.0 in February, before the disclosure of the index of the Institute of Supply Service, which may show the narrowing of the breadth to 58.1 compared to 59.7 in February, February, and we would like to point out, because the supply of services is important in the fact that the service sector in America represents more than two-thirds of GDP there.
Technical analysis:
The price of gold offers a quiet trading session to move around 1290.00, while Stochastic is showing a clear saturation now, which is a negative factor that we expect to push the pair down again as the correctional correction is still dominating the intraday basis, waiting for the 1275.30.
SMA 50 supports negative expectations, which require stability to remain below 1301.60.
The trading range for today is among the support at 1270.00 and resistance at 1301.60.
The general trend for today is bearish.