Gold futures traded in a narrowly bullish range during the Asian session to see their rebound to its fifth straight session since December 24 as the dollar index fell to a sixth session in nine sessions from its highest since May 16, 2017 According to the inverse relationship between them following developments and economic data that followed Wednesday on the Chinese economy, the world's largest consumer of metals, and on the threshold of the talk of Deputy Governor of the Federal Reserve, Leil Brinard in Richmond.
Gold futures for June delivery rose 0.15% to currently trade at $ 1,287.60 an ounce, showing an annualized low of $ 1.285.60 per ounce, amid a decline in the US Dollar 0.11 index. % To 97.45 levels, resuming its bounce from the top in two years compared to the opening at 97.57.
We followed the General Administration of Customs' release of China's reading of the trade balance index, which showed that the surplus shrank to 94 billion yuan, or 13.8 billion US dollars, compared to 221 billion yuan, or 32.6 billion dollars in March, worse than expected. The surplus widened to 235 billion yuan, or $ 33.7 billion, as export growth slowed and imports rose last month.
On the other hand, markets are currently waiting for Federal Open Market Committee member L. Bernhard to speak at a community hearing hosted by the Richmond Federal Reserve Bank, one week after the Fed decided to keep interest rates between 2.25% and 2.50% To cut back on bond purchases before they are frozen by September.
Technical Analysis
Gold broke through the 1282.00 level and settled above it to activate the bullish intraday scenario targeting 1302.60 mainly.
Moving above SMA 50 supports expectations for the upside, noting that a break below 1282.00 and 1275.30 will stop the suggested bullish trend and put the price under the corrective correction again.
The trading range for today is among the support at 1275.00 and resistance at 1300.00
The general trend for today is bullish