Gold futures fluctuated in a tight range slipping into the Asian session to see their rebound for the second high session since Feb. 25, shedding the dollar index for the third consecutive session, according to the opposite relationship between them on the eve of developments and economic data expected Tuesday By the US economy, which includes the talk of Federal Reserve Governor Jerome Powell.
At 0338 GMT, gold futures futures fell 0.05% to currently trade at $ 1,327.2 per ounce, compared with the opening at $ 1,329.70 an ounce, while the US dollar index fell 0.04% to 97.18 compared to the opening at 97.21. .
Investors are now waiting for Federal Reserve Chairman and Federal Reserve Chairman John Williams to make the opening remarks at the event hosted by the New York Federal Reserve before we see the upcoming talk of Federal Reserve Governor Jerome Powell about the Fed's policy strategy, tools and communication practices at the event. Hosted by the Chicago Fed.
Leading to the release of the factory demand index, which may reflect a 1.0% drop from 1.9% in March. This comes hours before the Beige report, which is important as it was issued two weeks before the FOMC meeting, The Federal Committee in their decisions and directions to stimulate and support the pace of growth and the US labor market in addition to achieving inflation target at 2%.
Looking ahead to the US labor market, preliminary data on the labor market are expected to be released on Wednesday with the release of the Change in Private Sector Index, which may reflect a slowdown in job creation to 185,000 jobs, compared to 275,000 in April. Hours before the disclosure of the monthly report of non-agricultural jobs and unemployment rates in addition to the average income per hour for the last month.
Technical Analysis
The price of gold provided strong positive trading yesterday to settle above the 1320.00 barrier, reinforcing expectations for a continuation of the bullish trend over the short term and intraday basis, noting that we are waiting for a visit to 1346.70 which is our next major stop.
SMA 50 supports the suggested bullish wave, while breaching 1302.60 will stop the current rally and put the price under the corrective correction again.
The trading range for today is among the key support at 1315.00 and resistance at 1346.00.
The general trend for today is bullish.