Gold futures traded in a tight range sloping upward during the Asian session to see their rebound to its third-lowest session since July 17, deflecting the US dollar index for the sixth session in eight sessions of its lowest since the fourth of this month according to the inverse relationship between them Amid a lack of economic data earlier this week by the US economy, the world's largest economy.
Gold futures for December delivery rose 0.10% to currently trade at $ 1,433.40 per ounce compared to the opening at $ 1,431.90 an ounce, while the dollar index rose 0.01% to 98.00 compared to the opening at 97.99.
Investors are now eyeing what will result in the resumption of trade negotiations between the United States and China amid the travel of a US trade delegation led by US Trade Representative Robert Lightzer to Beijing on Monday for a new round of trade talks between the world's two largest economists as part of efforts to resolve trade disputes And contain the trade war between Washington and Beijing.
Last week, White House economic adviser Larry Kudlow said he expected the two sides not to gain a broad understanding during this week's trade talks in China before a Chinese trade delegation heads to Washington later to complete the talks. In creating the space for further talks that contribute to reducing trade restrictions between the parties.
US President Donald Trump issued a memorandum last week aimed at guiding the World Trade Organization (WTO) to change its definition of developing countries. The US administration said in a memorandum that the United States would stop treating those countries as developing countries, Tangible progress towards reforming that situation within 90 days.
Trump noted that the WTO's reform called for by the World Trade Organization (WTO) was aimed at preventing unilaterally declared developing countries from reaping unfair trade benefits. A number of WTO members - Turkey, Hong Kong, Brunei, Macau, as well as South Korea, the United Arab Emirates, Kuwait and Qatar, describe themselves as developing countries, although they are rich countries.
In another context, US President Trump said last week after the preliminary reading of US GDP showed the largest economy expanded the world's 2.1% in the second quarter of the past, the fact that the economic growth of America during the last quarter was not bad, given the heavy load that weighs heavily Which lies in the Fed's expanded leverage of federal funds.
The White House economic adviser said last Friday that the administration of US President Donald Trump "excluded" the intervention to reduce the dollar, and comes hours before the start of the meetings of the Federal Open Market Committee on Tuesday in Washington before the disclosure next Wednesday on the decisions and directions of monetary policy makers The Federal Reserve and the forthcoming press conference of Federal Reserve Governor Jerome Powell.
Technical Analysis
Gold continues to oscillate sideways around the SMA 50, maintaining its stability above the 1410.90 support level, keeping the bullish scenario intact as it targets 1450.00 as the first major stop.
Keep in mind that a break of 1410.90 will press the price to make further bearish correction with the next target at 1384.95.
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.