Gold price futures fluctuated in a narrow range tilted to the upside during the Asian session to witness its bounce for the second session from the lowest since April 6, while the US dollar index rebounded for the fifth session in six sessions from the lowest since 30 March, according to the reverse relationship Between them on the threshold of the expected economic developments and data today, Wednesday, by the US economy, the largest economy in the world, and in light of the market pricing of the repercussions of the outbreak of the Coronavirus globally. (Free daily analysis)
At exactly 03:16 AM GMT, gold price futures for June delivery rose 0.21% to trade at $ 1,706.60 an ounce compared to the opening at $ 1,703.10 per ounce, knowing that the contracts started the session’s trading on an upward price gap after yesterday’s trading was concluded At $ 1,687.80 an ounce, while the US dollar index rose 0.03% to 100.23 compared to the opening at 100.20.
Investors are currently awaiting by the US economy the release of the house price index, which may explain the acceleration of growth to 0.4% compared to 0.3% last January, and that comes hours after the Senate announced the agreement of the two poles of the American Republican Party and the Democratic Party on A program to support small businesses facing the consequences of the $ 484 billion outbreak of the Coronavirus.
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 according to the latest figures issued by the World Health Organization, the number of cases infected with Coronavirus has increased to More than 2.4 million people were killed, 163,097 people in 213 countries.
In another context, the markets are still assessing the catastrophe of the oil markets and the sharp fluctuations in the global energy markets in addition to other indications that global companies and banks are making difficult to provide expectations in the shadows of the global closure due to the spread of the Coronavirus globally, and we would like to point out because the collapse of the oil markets indicates that The blow to the global economy will be much worse than what investors who were risk-averse predicted.
The price of gold ended yesterday’s trading above 1678.45, to keep the upside scenario current and effective for the coming period, and it needs to get a positive incentive that contributes to pushing the price towards heading towards our positive goals that start at 1747.43 and extend to 1775.00.
On the other hand, it should be noted that breaking 1678.45 and holding with a daily closing below it will stop the expected rise to make a bearish correction aimed at testing the 1635.80 level initially before any new attempt to rise.
The expected trading range for today is between 1660.00 support and 1720.00 resistance.
Expected trend for today: bullish.
