Gold futures fluctuated in a narrowly bullish range during the Asian session, in the process of ending their longest daily losing streak since October 2016, showing a dip since December 27 amid the negative stability of the dollar index according to the inverse relationship between them On the eve of developments and economic data expected on Friday by the US economy, the largest economy in the world and amid the absence of most of the global financial markets because of the holiday on Good Friday.
Gold futures for June delivery rose 0.13% to currently trade at $ 1,277.90 an ounce, reversing a four-month low against the opening at $ 1,276.20 per ounce, amid a decline in the US $ 0.01 index. % To 97.41 compared to the opening at 97.42.
Investors are currently waiting for the US economy to release housing market data with the Housing Starts and Building Permits reading, which may be up in March as building permits are expected to show a 0.7% rise to 1,300,000 versus a decline 1.6% to 1,296 thousand, and construction starts up 5.9% to 1,230,000 versus 8.7% at 1,162 homes.
Technical analysis:
Gold continues to fluctuate around the 1275.30 level. The negative impact of the Tri-Triad pattern continues to be effective. Therefore, our bearish outlook remains valid for the coming period, supported by negative pressure formed by the moving averages, awaiting targets of 1253.20 and 1231.13 respectively.
Recall that the continuation of the expected bearish direction depends on stability below 1275.30 and 1282.00 levels.
The trading range for today is among the support at 1253.20 and resistance at 1282.00
The general trend for today is bearish