Gold Analysis 30.11.2018

Gold futures rallied during the US session to rebound for the second consecutive session from its lowest since Nov. 15, defying the positive stability of the dollar index for the fifth session in seven sessions of its lowest since the seventh of this month according to the inverse relationship between them following developments And economic data that followed on Thursday by the US economy and on the eve of disclosure of housing market data and the minutes of the Federal Committee meeting held on the seventh and eighth of this month.

Today, at the opening of the Asian market, gold futures for February delivery rose to $ 1223.90 per ounce from $ 1.223.60 per ounce, reaching $ 1225.11 per ounce. The dollar index rose 0.05% to 96.83 compared to the opening at 96.79.

US personal income and expenditure data showed that personal spending growth accelerated to 0.6% from 0.2% in September, beating expectations of 0.4% growth. Personal income reading accelerated growth to 0.5% Versus 0.2% in September, also surpassing forecasts for 0.4% growth.

This came in conjunction with the reading of the index of requests for aid for the week ending on 24 of this month, which showed a rise of 10 thousand applications to 234 thousand applications in the previous weekly reading, contrary to expectations at 221 thousand requests, as indicated by the reading of the index of continuing claims for the week of 17 Of the month, up by 50 thousand to 1,710 thousand applications against 1,660 thousand applications, worse than the expectations of 1,663 thousand applications.

Gold holdings in the SBDR Gold Trust Fund, the world's largest gold-backed index fund, settled Wednesday for a second straight day at 761.74 metric tons. Gold prices last month ended their longest monthly loss rally since late 1996, rising in October for the first time in seven months.

Technical Analysis:

The price of gold remains above SMA 50, while Stochastic is shedding its negativity towards oversold areas, while the pair is waiting to stimulate the resumption of the expected bullish intraday direction targeting the 1238.30 level.

Stability above 1208.40 represents the most important condition for the continuation of the expected rally.

The trading range for today is among the support at 1211.00 and resistance at 1238.00.

Support and resistance:

Support: 1221.1-1211.4-1208.60-1200.00-1195.9;

Resistance: -1227.5-1232.40-1238.30.

The general trend for today is bullish.