Gold futures traded in a narrowly bullish range during the Asian session to see their rebound to its third-lowest session since December 24 as the US dollar index fell for the fifth session in seven sessions from its highest since May 16 of 2017 according to their inverse relationship amid a lack of economic data at the weekend by the US economy, the largest economy in the world and on the threshold of a recent member of the Federal Open Market Committee and New York Bank President John Williams in New York on Monday.
Gold futures for June delivery rose 0.36% to currently trade at $ 1,284.80 per ounce from $ 1.281.80 per ounce, while the US dollar index fell 0.03% to 97.53 compared to the opening at 97.56. .
Investors are waiting for Federal Reserve Chairman and New York Bank Chairman John Williams to speak at the Bankers' annual breakfast later in the day, following Fed approval by monetary policy makers last week to keep interest rates at between 2.25 percent and 2 percent. 50% and to take the lead in further reducing the reduction of bond buybacks before freezing them by September.
Technical Analysis
The price of gold shows new positive trading to test the 1282.00 level and is trying to breach it, which requires attention from the coming trades. A breach of this level will stop the negative scenario suggested in our recent reports and push the price to reach 1302.60 in the near term while the decline and trading below 1275.30 will return the price. To the downside correction which has the next target at 1253.20.
From here, we prefer to remain neutral until the price confirms its position for the levels of 1282.00 and 1275.30.
The trading range for today is among the support at 1270.00 and resistance at 1295.00
The expected general trend for today: neutral