Gold futures futures fluctuated in a narrowly bullish range during the Asian session, shrugging off the US dollar's fourth straight decline from its highest since May 16, 2017, according to the inverse relationship between them on the eve of developments and economic data expected Wednesday by The US economy is the largest economy in the world and coincides with the meeting of the Federal Open Market Committee in Washington.
Gold futures for June delivery fell 0.26% to currently trade at $ 1,285.20 per ounce, compared to the opening at $ 1,285.20 an ounce, while the US dollar index fell 0.02% to 97.50 levels. The highest in nearly two years compared to the opening at 97.53.
US investors are eyeing the release of preliminary data for the labor market, with the reading of the Change in Private Sector Index, which may reflect the acceleration of job creation to 181,000 jobs, up from 129,000 in March. The monthly report of non-agricultural jobs and unemployment rates in addition to the average income per hour for the last month.
The markets are also looking for the final reading of Markit Industrial PMI by the United States, which may reflect the stability of the expansion at 52.4, unchanged from the previous reading of the previous month and the previous reading for March, before the disclosure of the index of the Institute of Industrial Supplies and The contraction may extend to 55.0 versus 55.3 in March.
To the decisions and directions expected by the Federal Open Market Committee after the expiration of its meeting which began yesterday and ends at 6:00 pm GMT amid expectations that monetary policy makers will keep the Federal Reserve rates on short-term reference rates between 2.25% and 2. 50% and work to reduce the reduction of bond buybacks before freezing them by September.
It is also expected to see after the expiration of the Federal Committee meeting and the disclosure of the monetary policy statement and the Committee's decision on the federal funds interest by about half an hour The events of the press conference of the Governor of the Federal Reserve Jerome Powell, who noted earlier that the Committee will be patient about raising interest rates in the coming period And that it would closely watch the economic developments of the world's largest economy and be affected by external challenges.
Technical Analysis
Gold continues to fluctuate sideways around SMA 50, and since the price is above 1275.30, our bullish outlook remains valid for the coming period, and the price needs to be positive enough to push trades to 13021.60 which is our next main target.
The trading range for today is among the support at 1270.00 and resistance at 1302.60.
The general trend for today is bullish.