Gold futures traded in a tight range slipping towards the Asian session, its lowest since April 18, when its lowest since December 27, amid the positive stability of the US dollar index according to the opposite relationship on the eve of developments and data Economic outlook on Tuesday by the US economy, the world's largest economy.
At 03:09 am GMT, gold futures for June delivery fell 0.01% to currently trade at $ 1,276.80 per ounce from the opening at $ 1,277.00 an ounce, with the US dollar rising 0.02% to 97.30 compared to the opening at 97.28.
Investors are currently waiting for the US economy to release housing data, with the Home Price Index reading, which could reflect a 0.4% growth in stability, unchanged from last January. Rose from 3.0% to 647K versus 4.9% at 667K last February, as the Chicago PMI data showed that the stability of the spread could be 10% unchanged from March
Technical analysis:
Gold has rebounded after re-testing the broken neckline of the Tri-Triad pattern to start the pressure at 1275.30 now, which supports our continued bearish outlook for the coming period, supported by the negative pressure that SMA continues to offer.
Our next target is at 1253.20, and breaking it will push the price to 1231.10 directly, noting that a breach of 1282.00 will stop the expected decline and push the price to test the level of 1302.60 before any new negative attempt.
The trading range for today is among the support at 1260.00 and resistance at 1285.00
The general trend for today is bearish