At 04:04 AM GMT, gold price futures for June delivery decreased 0.46% to trade at $ 1,705.40 per ounce compared to the opening at $ 1,713.30 per ounce, knowing that the contracts started the session’s trading on an upward price gap after yesterday’s trading was concluded At $ 1,711.20 an ounce, with the US dollar index rising 0.21% to 100.14 compared to the opening at 99.93.
Investors are currently awaiting the release of the housing market data by the US economy, with the release of the Existing Home Sales Index, which may explain a 9.5% decline to 5.27 million homes compared to a 6.5% increase at 5.77 million homes last February. Otherwise, we followed Sunday The past reported US President Donald Trump that his administration is close to reaching agreement on a new stimulus package.
In the same vein, both US House Speaker Nancy Pelos and US Treasury Secretary Stephen Mnuchin expressed optimism last week about a deal to increase funds in the loan program that aims to help small American companies withstand the consequences of the coronary virus outbreaks in the states United, where the number of people infected with the Coronavirus has reached 860 thousand confirmed cases.
It is reported that US President Trump recently announced his administration’s plan to gradually restart and operate the American economy, indicating that the global medical crisis may subside later, while its economic consequences remain, and we would like to point out that New York State Governor Andrew Como Noh noted last weekend that his mandate It may have exceeded the high level of death from coronavirus.
We also continued at the end of last week to report fewer daily deaths in Italy, Spain, and the United Kingdom, according to the latest figures issued by the World Health Organization, which the US President recently froze his country’s funding, which was estimated at $ 400 million annually with his criticism of the organization His claim to being biased toward China has increased the number of cases infected with the Coronavirus to nearly 2.32 million, and 157,970 people have died in 213 countries.
In another context, the financial markets are still assessing the first precedent of its kind that occurred yesterday, namely, the collapse of US crude oil futures contracts, “Nemex”, which amounted to a negative $ 40.23 a barrel, hours before the expiration of the May contracts later in the day amid the dealers tend to sell Negatively to avoid receipt and storage costs, knowing that contracts rose today from negative $ 14 a barrel to positive levels currently above the barrier of $ 1 a barrel.
The gold price maintains its stability above 1678.45 after the negative attempts that it witnessed in the previous sessions, to start providing positive trades and gradually move away from this level, which supports the chances of achieving gains during the upcoming sessions, waiting for the direction towards the recent record at 1747.43 as a first positive goal.
Therefore, we expect a bullish bias today with support from the EMA50, noting that any breach of 1678.45 will press the price to make more bearish correction and head towards 1635.80 as a next corrective station.
The expected trading range for today is between 1675.00 support and 1720.00 resistance.
Expected trend for today: bullish.
