Gold futures traded in a narrowly bullish range during the Asian session to see their rebound to its third-lowest session since December 26 amid the decline of the US dollar index, rebounding to its second-highest session since May 16, 2017 according to Of the inverse relationship between them on the eve of the decisions and directions of the Bank of Japan as well as developments and economic data expected Thursday by the US economy, the largest economy in the world.
Gold futures for June delivery rose 0.03% to currently trade at $ 1,278.30 per ounce from the opening at $ 1,277.90 an ounce, with the US dollar index down 0.07% to 98.03 from the opening at 98.10.
Gold prices closed higher today despite the dollar's rise against most major currencies and the positive atmosphere surrounding US-China trade negotiations.
US President Donald Trump said negotiations with the Chinese side were going well, expecting a trade deal soon.
Trump also stressed that the US economy is doing well and will seek help from the Supreme Constitutional Court if the Democratic Party attempts to remove him from the presidency.
Separately, the dollar index (against a number of major currencies) rose by 0.4% to 98 points by 17:50 GMT, hitting a 98-point high and a low of 97.5.
Gold rose June delivery by 0.5% to close at $ 1279.4 an ounce and recorded a day high of $ 1280.7 and a low of $ 1270.5.
Technical analysis:
Gold continues to fluctuate around 1275.30 and SMA 50 continues to pressure the pair negatively, noting that Stochastic is beginning to provide a negative cross signal now.
Therefore, these factors encourage us to continue with the bearishness in the coming period, with the following main targets at 1253.20 and 1231.10, while noting that breaching 1282.00 will stop the suggested decline and push the price to test the level of 1302.60 before determining the next destination more clearly.
The trading range for today is among the key support at 1253.20 and resistance at 1290.00
The general trend for today is bearish