Gold analysis 05.10.2021

Gold futures fell during the Asian session to see its second session from the top 23 since the positive stability of the US Dollar for the first time in four sessions in accordance with the reverse relationship between them to emerge developments and economic data on Tuesday by the largest economy In the world and following the German Merck announcement last weekend of a new property of Kurona.

At 05:59 am GMT, futures for gold prices last December declined 0.68% to trade at $ 1,758.80 for an ounce, compared to the opening at $ 1,770.80, knowing that the contracts started trading on an upward price gap after trading concluded Yesterday at $ 1,767.60 an ounce, with the dollar index 0.19% to 94.01 compared to 33.83.

Investors are currently waiting by the US economy to read the trade balance of goods, which may explain the deficit to $ 70.5 billion compared to $ 70.1 billion in July before we see the final reading of the Institute of Service Institute by Marquette The United States may confirm that 54.4 without chancable reading for the last month and for failing at 55.1 in August.

The Institute for the US Supply Management revealed the reading of the Institute for Steering Institution, which may appear to be reduced by 59.9 compared to 61.7 in August. ) The fixed rate of lending between banks at the Las Vegas Finance Structuring Conference.

Technical Analysis

The price of gold has found strong resistance at 1770.00, and has not been able to penetrate, to begin with a decline with the opening of the day, which keeps our expectations for the bearish trend for the next period. The price needs to break the 1755.00 level to facilitate the task of trying towards our main goal at 1735.00.

Negative Istochastic supports the proposed decline, taking into account that the penetration of 1770.00 will stop the expected decline and leads the price for the rise.

The expected trading range for this day between support 1740.00 and resistance 1775.00

The expected general tilt for this day: bearish