Gold futures rose during the Asian session amid the negative stability of the US dollar index according to the reverse relationship, amid scarce economic data today, Monday by the US economy, the largest economy in the world, and in the wake of US President Donald Trump's signing of the new relief bill to counter the repercussions of the Corona pandemic and the government funding package $ 2.3 trillion after criticizing the relief bill in the past.
At 04:35 a.m. GMT, gold futures contracts for next February delivery rose 0.63% to trade at $ 1,898.90 per ounce compared to the opening at $ 1,887.00 an ounce, knowing that the contracts started the session on a rising price gap after the week's trading ended Past at $ 1,883.20 an ounce, with the US dollar index declining 0.11% to 90.19 compared to an opening at 90.29.
We have just followed up on the signing of US President Trump, whose term ends on January 20 next, on the new relief bill to confront the repercussions of the Corona pandemic ($ 892 billion) and the government funding package ($ 1.4 trillion) that the US Congress reached last Tuesday. After months of negotiations, lawmakers from the poles of US politics, the Republican Party and the Democratic Party.
The signature of the forty-fifth US President Trump on the Corona Pandemic Relief Bill and government funding worth $ 2.3 trillion comes several days after he received it from Congress and in the wake of his prior hinting to use the right to "veto" criticism against the Pandemic Relief Bill, and we would like to point out that it has The deadline to prevent nearly 14 million Americans from losing temporary supplementary unemployment benefits passed the $ 300 per week that passed Saturday.
With the signing of the US President Trump on the relief bill, the measures and expanded benefits for the unemployed will continue until next March, but it is expected that millions of unemployed will lose a week of those benefits that are given to them because of Trump's delay in expecting, and also by signing a package Government funding The government shutdown scenario in the United States, which was supposed to happen on Tuesday, had not been signed.
It is noteworthy that the Republican US President Trump expressed last Tuesday through his official account on Twitter that the draft relief package bill to confront the repercussions of the pandemic is a "stain," calling on Congress at the time to increase direct payments from $ 600 to $ 2,000 per person or $ 4,000 per couple, and the legislators demanded "Send an appropriate bill to me, otherwise the next administration will be forced to hand over a COVID-19 relief package."
This was followed by the use of US President Trump last Thursday the right to veto the draft military spending bill, as news agencies reported at the time that Trump had sent a message to Congress in which he confirmed his use of the right of veto against the defense bill, which amounts to $ 740 billion, explaining that the law contradicts the efforts it is making. His country to strengthen its position in foreign policy and national security.
Technical analysis
Gold price stabilizes around 1875.00, and continues with attempts to breach to support chances of continuing the main bullish trend, which is organized inside the ascending channel that appears in the image, supported by the SMA 50 that continues to carry the price from below.
Consequently, we will continue to suggest the bullish trend for the upcoming period, provided that it remains above 1862.00, noting that our next targets start at 1911.50 and extend to 1928.60.
The expected trading range for today is between 1862.00 support and 1895.00 resistance
The expected general trend for today: Bullish