Gold futures fluctuated in a narrow range sloping upward during the Asian session to see their rally for the third session in four sessions of its lowest since March 7 amid the decline of the dollar index for the fourth session in six sessions of the highest since the eighth of the same month according to Of the inverse relationship between them on the eve of developments and economic data expected Tuesday by the US economy, the largest economy in the world, which includes the talk of members of the Federal Open Market Committee later today.
Gold futures for June delivery rose 0.12% to currently trade at $ 1,303.20 an ounce, showing a month-on-month rebound from the opening at $ 1,301.60 per ounce. % To 96.99 levels, showing a continuation of its bounce from the top in a month compared to the opening at 97.08.
The US economy is currently looking for a statistical reading of job opportunities and job turnover, which could reflect a decline to 7.54 million versus 7.58 million in January, hours after the release of labor market data, which showed a stable unemployment rate at 3.8 % Compatible with expectations during March.
In the same context, we followed Friday's reading of the Non-Farm Employment Change Index, which accelerated job creation to 196,000 jobs, compared with 33,000 jobs added in February, while average hourly earnings showed slower growth to 0.1 Versus 0.4%, worse than expectations for a slowdown in growth to 0.3%.
Technical analysis:
The price of gold is fluctuating near 1301.60 and remains intact below, which keeps our bearish correction intact, awaiting the resumption of the downside targeting mainly 1279.06, which represents 38.2% Fibonacci retracement of the rally from 1159.70 to 1346.73.
Keep in mind the breaching of 1301.60-1304.70 area and stability above it will stop the suggested negative scenario and push the pair to resume the bullish trend, which has positive targets from 1323.07 to 1346.73.
The trading range for today is expected among the support at 1279.00 and the resistance at 1311.00.
The general trend for today is bearish.