Gold Analysis 04.03.2019

Gold futures traded in a tight range with the opening of trading today as the session opened today during the Asian session of the rebound after Friday's drop before the economic data released on Monday.

In the morning with the opening of the session, gold futures for delivery on April 15 rose 0.21% to currently trade at $ 1,297.20 per ounce compared to the opening at $ 1,294.40 an ounce, while the dollar index rose 0.10% to levels of 96.45, showing a continuous rebound from the lowest in four weeks Compared to the opening at 96.34.

Investors are currently eyeing the US economy for a reading of the Construction Spending Index, which may reflect slowing growth to 0.2% versus 0.8% in November. Fed Governor Jerome Powell noted last weekend that the US economy The situation is good and that the Fed will be quiet and watch the economic risks in the coming period.

Technical analysis:

The price of gold traded lower last Friday to close under the $ 1300.00 barrier now, and the downside correction for the upside wave starts from 1159.70 to 1346.70, where it exceeded 23.6% Fibonacci to move towards the next correction level at 1274.94.

The trend is expected, with attention to the breach of 1302.60 and stability above it will stop the current negative pressure and push the price to start attempts to rise and restore the main trend bullish again.

Trading is below the moving averages which are expected to increase the negative pressure on the price especially if we get a bearish order in the coming days. While the Stochastic is providing more negative feedback

The trading range for today is among the key support at 1275.00 and resistance at 1310.00

The general trend for today is bearish