Gold futures futures fluctuated in a narrowly bullish range to see their rebound to its fourth session since December 24 as the dollar index fell for the sixth session in eight sessions from its highest since May 16, 2017 according to the inverse relationship between them On the eve of economic developments and data expected Tuesday from the US economy, including the talk of Deputy Governor of the Federal Reserve and a member of the Federal Open Market Committee Randall Quarles in Connecticut.
Gold futures for June delivery rose 0.14% to currently trade at $ 1,284.10 an ounce, showing an annualized low of $ 1.282.40 per ounce, amid the decline of the US Dollar 0.16 % To 97.40 levels, showing a two-year uptrend from the top as compared to the opening at 97.52.
The markets are currently looking to the US economy for a statistical reading of employment opportunities and job turnover, which may reflect a rise to 7.35 million from 7.09 million in February, hours after the release of labor market data at the end of last week, which showed low rates Unemployment has been at its lowest level in 49 years to 3.6% from the March reading and expectations at 3.8%.
In the same context, we also followed last Friday showed that the index of change in jobs in sectors other than agriculture accelerated the pace of job creation to 263 thousand added jobs compared to 189 thousand jobs added in March, while reading the average income per hour stabilizing the pace of growth at 0.2%, unchanged from March, in contrast to expectations for a faster growth of 0.3%.
Technical Analysis
Gold continues to fluctuate around 1282.00 and remains stuck between the resistance and the support at 1275.30. As we mentioned yesterday, the price needs to surpass one of these levels to determine its next target more precisely, which keeps us neutral so far.
We will mention that breaching the mentioned resistance will push the price to gain at 1302.60, while breaching the support will press the price to resume the corrective correction which is at 1253.20.
The trading range for today is among the support at 1270.00 and resistance at 1295.00
The expected general trend for today: neutral