Gold futures fluctuated in a narrow range tilted lower during the Asian session to reflect its rebound for the third session in five sessions from the highest since April 12, 2013 amid the rise of the US dollar index according to the inverse relationship between them, amid the lack of economic data by The US economy is the world's largest economy earlier this week, with the release of the minutes of the Fed meeting and the launch of the Jackson Hole Symposium, which will include Fed Governor Jerome Powell's speech on Friday.
At 04:02 AM GMT gold futures for December 15 fell 0.27% to trade at $ 1,503.40 an ounce compared to the opening at $ 1,509.00 an ounce, amid the US dollar index rose 0.03% to 98.20 compared to the opening at 98.17.
Later this week, investors are awaiting the outcome of Federal Open Market Committee (FOMC) and Federal Reserve Vice Governor Randall Quarles' speech on community development at the Utah Center for Stabilization of Neighborhoods in Salt Lake City on Tuesday. The Federal Open Market Committee was held at the end of last July.
At the July 30-31 meeting in Washington, the Fed's monetary policy makers approved the first Fed cut in more than a decade by 25 basis points to between 2.00% and 2.25%. This was in line with expectations at the time, while saying that the reduction was to support the pace of growth and to combat the weakness of inflation in the shadows of trade protectionism.
Technical Analysis
The price of gold continues to fluctuate near the level of 1503.24 and maintains its stability above it so far, where SMA 50 meets this level to add more strength to it, to keep the upside scenario valid and active for the next period, waiting to breach the level of 1535.00 to facilitate the task of heading towards 1560.00 as the next main station.
Keep in mind that breaching 1503.24 levels and then 1483.60 will stop the expected rally and press the price for a bearish correction, where the main targets reach 1452.00 before any new attempt to rise.
Expected trading range for today is between 1500.00 support and 1530.00 resistance
Expected trend for today: Bullish.