Gold futures fluctuated in a narrowly bearish range during the Asian session to see their rebound from the top since May 10, 2013. The US dollar index fell for a third straight session on the back of economic developments today Friday by the US economy and with the pricing of markets for tensions in the Middle East.
Gold futures for August delivery fell 0.27% to currently trade at $ 1,444.40 per ounce, compared to the opening at $ 1,448.30 per ounce. The contracts started trading on a bullish gap after closing Yesterday at $ 1,428.10 per ounce, while the dollar index fell 0.01% to 96.81 compared to the opening at 96.82.
Investors are now eyeing the US economy, the largest economy in the world, to reveal the preliminary reading of the University of Michigan consumer confidence index for July, which may reflect a contraction to 98.6 from 98.2 in June, as consumer expectations for inflation for the year One coming and five years ahead.
This comes ahead of the Federal Open Market Committee meeting at the annual meeting of the Central Bank Research Association in New York, including St. Louis Federal Reserve Chairman James Pollard on technology and the future of the monetary and financial system, and Federal Reserve Bank Chairman Eric Rosengren, who will participate in a panel discussion On the independence of central banks.
The Federal Reserve and Federal Reserve Bank of New York Chairman John Williams yesterday said that currency cuts to increase competitiveness were not a good idea, and that a double rate cut this year could support a higher yield curve, adding that the move is now against any possible slowdown. Reported that inflation remained below target at 2%, boosted federal interest rate cuts by the end of the month.
Federal Reserve Governor Jerome Powell said last Tuesday that inflation in the United States accelerated last month to 1.7 percent, saying inflationary pressures remained below the Fed's target and that the Federal Reserve was "carefully monitoring" negative risks to US growth. "Will act as necessary to maintain the expansion," echoing what he said in his testimony to Congress last week.
On Thursday, US President Donald Trump said the US Amphibious attack ship "Boxer" had shot down an Iranian marlin approaching a thousand yards in the Strait of Hormuz. The spokesman for the Pantheon, Jonathan Hoffman, said: "At about 10 o'clock Morning local time, the Boxer vessel was sailing in international waters bound for the Strait of Hormuz to carry out planned passage in advance.
Technical Analysis
The price of gold succeeded in confirming the breach of 1438.90 after closing the daily candlestick above it, confirming the extension of the bullish wave over the short term and short term, on its way to achieve more gains expected in the coming period, noting that our next main target is at 1500.00
SMA 50 continues to support the suggested bullish wave, noting that a break of 1438.90 could press the price to test the 1408.00 areas before any new attempt to rise.
The trading range for today is expected among the support at 1430.00 and resistance at 1460.00
The general trend for today is bullish