Gold futures fluctuated in a narrow upward range during the Asian session to see their stability near the highest in more than six years, ignoring the rise of the US dollar index according to the inverse relationship between them on the eve of developments and economic data expected on Tuesday from the US economy, the world's largest economy In the shadow of concern over growing protests in Hong Kong and trade tensions between Washington and Beijing.
Gold futures for December 15 rose 0.28% to trade at $ 1,523.60.60 an ounce compared to the opening at $ 1,510.25 an ounce, while the US dollar index rose 0.13% to 97.61 compared to the opening at 97.48.
Investors in the US economy are currently awaiting the release of inflation data with the release of the CPI reading which may reflect an acceleration of growth to 0.3% vs. 0.1% in June, while the core reading of the index itself may show growth slowed to 0.2% vs. 0.3%. While the annualized reading of the index may show that growth accelerated to 1.7% vs. 1.6%, the annual core reading may reflect a stable growth of 2.1%.
Technical Analysis
Gold has been able to confirm a breach of 1510.00 after yesterday's trading above it, supporting expectations of the continuation of the main bullish trend, noting that our next targets start at 1526.85 and extend to 1560.00 after exceeding the previous level.
Therefore, we await further rallies in the coming sessions provided that the price holds above 1497.00.
Expected trading range for today is between 1500.00 support and 1530.00 resistance
Expected trend for today: Bullish