Gold Analysis 17.01.2019

Gold futures traded in a tight range slipping during the Asian session as the dollar index rose for the fifth session in six sessions from its lowest since October 16 according to the inverse relationship between them on the eve of developments and economic data expected Thursday by the US economy The largest economy in the world, coinciding with the continued partial closure of the federal government in the United States.

Gold futures for February delivery fell 0.09% to currently trade at $ 1,292.70 per ounce from the opening at $ 1,293.90 per ounce. The US dollar index rose 0.05% to 96.12 compared to the opening at 96.07. .

Investors are looking for the US economy, the world's largest industrial nation, to reveal the Philadelphia Manufacturing Index, which may reflect an expansion to 9.7 versus 9.4 last month, in conjunction with the reading of the index of claims for the week ending January 12, 3 thousand requests to 219 thousand applications compared to 216 thousand applications in the previous weekly reading.

Technical Analysis

The price of gold continues to fluctuate within the triangle flag shown in the picture, awaiting the breach of the resistance of this pattern at 1295.50 to get a positive incentive to push the price towards our next positive target of 1316.65.

SMA 50 continues to support the pair from the bottom, so we will continue to push the bullish trend in the coming sessions provided it maintains stability above 1286.70.

The trading range for today is expected among the support at 1280.00 and resistance at 1318.00

Support and resistance:

Support: 1286.82-126282-1251.30

Resistance: 1295.5-1301.00-1318.00

The general trend for today is bullish