Gold Analysis 15.04.2019

Gold futures fluctuated in a tight range slipping towards the Asian session to see their fourth session rebound since March 27, shedding the US dollar index for the seventh session in 10 sessions from its highest since the eighth of the same month according to the inverse relationship between them On the eve of developments and economic data expected on Monday by the US economy, the largest economy in the world.

Gold futures for June delivery fell 0.16% to currently trade at $ 1,291.30 per ounce, showing a three-week high rebound from the opening at $ 1,294.00 an ounce, while the US dollar index 0.06% to 96.86, showing a rebound from the top in six weeks compared to the opening at 96.93.

The markets are currently looking for the US economy to read the New York Industrial Index, which may reflect a widening to 8.1 vs. 3.7 in March, coinciding with a CNN-TV interview of FOMC member and Chairman Bank of Chicago Fed Charles Evans, before speaking about economics and monetary policy at the New York Business Economics Association lunch.

Otherwise, we followed yesterday the State Committee on Monetary and Financial Affairs, which is the main advisory committee of 189 member states of the International Monetary Fund issued a statement through which the finance ministers and governors of central banks worldwide after the meetings of the International Monetary Fund, which lasted three days in Washington that they are ready to " To act quickly "to support global economic growth facing risks including trade tensions.

US Treasury Secretary Stephen Menochin recently said that his country's trade talks with China, the world's largest mineral consumer, have been positive, but a trade agreement has yet to be reached among the world's top economists. In another context, the positive economic data that followed last weekend The Chinese economy has reduced investor concern about the weakening of the world's second largest economy in recent times.

The positive start of the business results disclosure season for major US banks and banks in the first quarter of this year helped to stimulate investors' risk appetite. The global equity indices gained wide gains as liquidity shifted from safe havens, particularly precious metals, especially gold, in addition to the dollar. American, which has recently been a safe haven until the vision becomes clear.

Technical analysis:

The price of gold continues to decline gradually to stay away from the pivotal resistance 1301.60 and gradually approaching our main target at 1275.30. The bearish trend remains valid for the coming sessions, noting that there is a triple top formation currently forming, supporting the downside correction to target 1253.20 areas. 1231.13 in the short term.

Moving below SMA 50 supports the continuation of the expected decline, which will remain intact unless 1301.60 levels are breached and then 1304.70 and stability above it.

The trading range for today is among the support at 1275.00 and resistance at 1300.00

The general trend for today is bearish