Futures contracts for gold prices fluctuated in a narrow range that tends to rise, to witness its rebound to the fourth session in seven sessions from its lowest since August 26, amid the US dollar index resuming rebound from the top of its 12th of the same month according to ...
Futures contracts for gold prices fluctuated in a narrow range that tends to rise, to witness its rebound to the fourth session in seven sessions from its lowest since August 26, amid the US dollar index resuming rebound from the top of its 12th of the same month according to the inverse relationship between them on the cusp of developments and upcoming economic data Today, Wednesday, by the US economy, which includes the proceedings of the FOMC meeting, and in anticipation of the press conference to be held by Federal Reserve Governor Jerome Powell later.
At exactly 05:04 am GMT, gold futures contracts for next December delivery rose 0.31% to trade at $ 1,967.50 an ounce, compared to the opening at $ 1,961.40 per ounce, knowing that the contracts started the session on a downward price gap after it was concluded Yesterday's trading was at $ 1,966.20 an ounce, with the US dollar index declining 0.09% to 93.04 compared to the opening at 93.13.
Investors are currently awaiting the US economy, the largest economy in the world, revealing a reading of retail sales, which represents about half of consumer spending, which accounts for more than two-thirds of the US gross domestic product, and may reflect slowing growth to 1.1% compared to 7.5% in July. The core retail sales reading may also show growth slowing to 1.0% from 1.9% in July.
This comes before the largest industrial country in the world witnesses the disclosure of industrial sector data with the release of the final reading of the wholesale inventories index, which may show a 0.2% rise compared to a 1.1% decline last June, coinciding with the disclosure of housing market data with the release of The housing index reading by the National Association of Home Builders may reflect stability at a value of 78 this September.
This coincides with the proceedings of the Federal Open Market Committee meeting September 15-16 via satellite in Washington, during which the short-term reference rates for the fifth meeting in a row are expected to remain at between zero and 0.25%, and to reveal the expectations of the committee members. Federal Reserve rates of growth, inflation and unemployment in addition to the future of interest rates for the next three years.
Later today, markets are looking forward to the activities of the upcoming press conference of Federal Reserve Governor Jerome Powell, which he will hold half an hour after the end of the meeting to comment on the decisions of the committee that recently adopted several stimulus programs to support the economy in the face of the repercussions of the Corona pandemic, and it is mentioned that Powell recently announced the adoption of Fed to new inflation policy and average targeting of 2% inflation for some time.
Gold price touched the support of the bullish intraday channel and starts to rise now, supported by the moving average 50 that meets the aforementioned support, while the stochastic oscillator starts to cross positively now.
Consequently, these factors encourage us to continue suggesting the bullish trend for the upcoming period, whose targets start with the breach of 1967.90 to open the way towards 2008.80 as a next major stop, bearing in mind that breaking 1952.30 will push the price to test 1934.86 areas again before any new positive attempt.
The expected trading range for today is between 1945.00 support and 1985.00 resistance.
The expected general trend for today: Bullish.