Gold futures rose during the Asian session to witness the highest level since the ninth of March, when I tested the highest for it since December 18, 2012 amid the US dollar index rebounding for the third session in four sessions from its highest since the fourth of January 2017 according to the inverse relationship between them on the threshold of developments and economic data expected today by the US economy, the largest economy in the world, and with investors' assessment of global monetary and financial stimulus that aims to face the repercussions of the Corona virus on the global economy.
At exactly 04:11 AM GMT, gold price futures for April delivery rose 0.07% to trade at $ 1,666.60 per ounce compared to the opening at $ 1,665.50 per ounce, knowing that the contracts started the trading session on an upward price gap after yesterday's trading was concluded At $ 1,663.30 an ounce, with the US dollar index down 0.05% to 101.54 compared to the opening at 101.59.
Investors are currently awaiting by the US economy to disclose the reading of the durable goods orders index, which represents about half of consumer spending, which represents more than two thirds of the gross domestic product in the United States, which may reflect the widening decline to 1.0% compared to 0.2% in January, While the core reading of the same index may show a 0.4% decline compared to a 0.8% increase in January.
This comes before we witness the disclosure of housing market data with the release of the house price index, which may explain the slowdown in the pace of growth to 0.4% compared to 0.6% last December, and this comes hours after US President Donald Trump expressed on Tuesday that the continuation of The closure of America will expose it to destruction, explaining that if an extended economic downturn occurred, this would lead to more victims than the coronavirus.
In the same context, US President Trump noted that thousands of people are at risk of dying from the COVID-19 virus and that appropriate decisions must be taken to combat the outbreak of this dangerous virus, while touching that work must be protected first, then companies, with his announcement that it will open His country soon and gradually, adding that I hope that this will happen by Easter, noting that he will not allow the medicine to be worse than the disease.
Trades bounced down significantly after touching 1633.60 level, where he found strong resistance there, to test the support floor that formed above 1599.10 after his previous breach, waiting for the base to be based on this level to rebound up and resume the expected bullish direction in the intraday and short term, noting that 1633.60 penetration It will push the price to 1689.30 as the next stop.
Thus, our bullish outlook will remain valid for the upcoming period, noting that a break of 1599.10 will press the price to test 1571.20 level directly before any new attempt to rise.
The expected trading range for today is between 1590.00 support and 1650.00 resistance.
Expected trend for today: bullish.