Gold futures traded in a tight range slipping towards the Asian session to bounce back higher since July 3, when it tested its highest since June 25, its highest in more than six years, The US dollar, according to the inverse relationship between them on the eve of developments and economic data expected Thursday by the US economy, the largest economy in the world.
Gold futures for August delivery fell 0.35% to currently trade at $ 1,423.50 per ounce compared to the opening at $ 1,428.50 per ounce. The contracts opened the session on a bullish gap after closing To $ 1.423 per ounce, while the dollar index fell 0.12% to 97.07 compared to the opening at 97.19.
Investors are currently waiting for the US economy to read the Jobless Claims reading for the week ending on the 13th of this month, which could reflect a rise of 7K to 216K vs. 209K in the previous week's reading. On the sixth of this month decreased by 23 thousand applications to 1,700 thousand applications against 1,723 thousand applications.
The markets are also looking to release the Philadelphia Manufacturing Index, which may reflect a widening to 5.0 vs. 0.3 in June, ahead of the leading index reading, which could show 0.1% growth versus zero in May, And Federal Reserve Bank of New York Chairman John Williams on monetary policy at the annual meeting of the Central Bank Research Association in New York.
Technical Analysis
The price of gold succeeded in confirming the breach of symmetrical triangle resistance shown in the above chart after yesterday's close above it, which supports the chances of continuation of the bullish trend over the short term and intraday, awaiting the test of 1438.90 as the next major station.
SMA 50 continues to support the price from below, to continue the bullish trend in the coming sessions, with a reminder that breaching the mentioned level will push the price to 1500.00 as the next main station, while the expected upside will remain intact unless the level of 1400.30 is broken and stability below it.
The trading range for today is among the support at 1410.00 and resistance at 1445.00
The general trend for today is bullish.