Gold Analysis 15.11.2018

Gold futures fluctuated in a narrowly bearish range, shrugging off the dollar's fourth-day high since January 22, 2017, according to the inverse relationship between them after Federal Reserve Governor Jerome Powell spoke in Dallas on the eve of economic developments and data Which is expected on Thursday by the US economy, which includes another speech to Powell in Dallas and the talk of members of the Federal Committee Governor of the Federal Randall Quarls in Washington and President of the Federal Bank of Atlanta Rafael Postek in Madrid.

Gold futures for December delivery fell 0.12% to currently trade at $ 1,210.40 per ounce, compared with the opening at $ 1,211.80 per ounce, while the US dollar index fell 0.10% to 96.92. The highest since the beginning of last year compared to the opening at 97.01.

Federal Reserve Governor Jerome Powell, Federal Reserve Chairman and Federal Reserve Chairman Robert Kaplan, spoke about many economic issues at the Dallas Federal Reserve event, where he did not show any indication that broad volatility and recent declines in financial markets Global will play no role in Fed monetary policy decisions.

Otherwise, investors are looking ahead to the US economy to reveal the reading of retail sales, which account for about half of consumer spending, which accounts for more than two-thirds of the gross domestic product of the United States, the world's largest economy, which may reflect accelerated growth to 0.6% from 0.1% in September, While the core reading of the Retail Sales Index may show a 0.5% rise versus a 0.6% drop in September.

In conjunction with the reading of the index of claims for the week ending on 10 November, which may reflect a decrease of 1 thousand to 213 thousand applications compared to 214 thousand applications in the previous weekly reading, and the disclosure of reading PMI industrial for Philadelphia and New York, which may Showed a contraction in breadth over the past month as Philadelphia expanded to 20.1 versus 22.2 in New York and to 19.9 from 21.1.

Technical analysis:

The price of gold ended yesterday's trading below 1212.00, so the negative effect of the double top pattern remains effective, which encourages us to maintain our bearish outlook for the coming period. The price needs to break below 1208.40 and then 1200.00 to confirm the opening towards 1180.00 which represents our next target.

SMA 50 is a negative pressure to support the bearish outlook, noting that stability below 1212.00 is important for the continuation of the suggested negative scenario.

While the Stochastic indicator gives signs of a rise in the saturation zone of the buy

The trading range for today is among the support at 1190.00 and resistance at 1220.00

Support and resistance:

Support: 1208.6-1200.0-1195.80-1187.80

Resistance: 1212.0-1220.0-1224.5

The general trend for today is bearish