Gold Analysis 14-05-2019

Gold futures fluctuated in a tight range slipping towards the Asian session to see their rebound from April 11, capping the US dollar's decline, resuming its rally from 16 May to 2017 for the 8th session In 13 sessions according to the inverse relationship between them on the eve of developments and economic data expected Tuesday by the US economy, the largest economy in the world, which includes the talk of members of the Federal Open Market Committee.   

Gold futures for June delivery fell 0.08% to currently trade at $ 1,299.90 per ounce, showing a five-week rebound from the top of the day at $ 1,300.80 per ounce. % To 97.31, resuming its recovery from the upside in two years compared to the opening at 97.32. 

Otherwise, we followed at the weekend US President Donald Trump said he had a feeling that trade talks with China would be "very successful", following the extensive losses on US stock indexes, which exceeded two percent on Monday as investors shifted liquidity to safe havens and Gold, which yesterday saw the best daily performance in three months after China announced its intention to increase tariffs on its imports of US goods estimated at $ 60 billion to 25% from 10% by early June. 

  Beijing's decision to respond to Washington's trade protectionism reflected the escalating trade war between China, the world's largest mineral consumer, and the United States, which last Friday lifted tariffs on Chinese goods and goods worth $ 200 billion to 25 percent from 10 percent. Which is subject to a customs duty of 25% to about $ 250 billion, amid the threat of the US administration Trump recently imposed 25% customs duties on other Chinese goods estimated at $ 325 billion "soon. 

The price of gold has reached 1302.60 and is now nearing it, accompanied by Stochastic entering the overbought areas, which may pressure the price to provide negative trading in the coming sessions, while noting that SMA 50 supports the price from the bottom, which makes us prefer to stop neutrality Until we get a clearer signal for the next direction, by breaching the mentioned resistance or breaking support 1288.00.   

The breach of the resistance 1302.60 will open the way for gold gains to extend and regain the main upside direction, where the next target resides at 1326.00, while breaching the support will press the price to return to the downside correction again to start the negative targets at 1275.30 and extend to 1253.20.   

The trading range for today is among the support at 1285.00 and resistance at 1320.00   

The expected general trend today: Depends on the levels mentioned in the report