Gold futures fluctuated in a narrowly bullish range during the Asian session to see their second rebound in four sessions from its lowest since June 20, defying the positive stability of the US dollar index according to the inverse relationship between them amid a lack of economic data Thursday by the economy The largest economy in the world because of the Independence Day holiday in the United States of America.
At 15:50 GMT Gold futures for delivery of August 15 rose 0.05% to currently trading at 1,422.30 $ an ounce compared to the opening at $ 1,421.60 an ounce, knowing that the contracts started today's trading on the gap of a bullish price after the close of trades Yesterday at $ 1,420.90 an ounce, while the dollar index rose 0.02% to 96.73 compared to the opening at 96.71.
Looking ahead to Friday's release of US labor market data, which may reflect a stable unemployment rate at 49-year low of 3.6%, the markets are expecting little change from May amid expectations that the Non-Farm Payrolls The pace of job creation to 164 thousand jobs compared to 75 thousand jobs, and reading the average hourly income growth accelerated to 0.3% compared to 0.2%.
This comes hours after the reading of the index of change in private sector jobs, which is preliminary data for the labor market, accelerated the creation of jobs to 102 thousand jobs compared to 41 thousand jobs in May, below expectations for 140 thousand jobs added, The US labor market is among the important reports that weigh heavily on the decisions and directions of the Fed's monetary policymakers.
Technical Analysis
The price of gold continues to fluctuate around 1425.00, and the price is still within the ascending channel shown in the image, noting that the stochastic begins to provide a positive crossover now, which is a positive incentive to wait to contribute to pay the price for the resumption of the bullish main trend, which targets start with the breach of 1439.00 to open The road ahead rush towards 1500.00.
Therefore, our bullish outlook remains valid for the next period unless the level of 1400.00 is broken and stability below it.
The trading range for today is expected among the support at 1410.00 and resistance at 1440.00.
The general trend for today is bullish.