Gold analysis 03.06.2019

Gold futures rose during the Asian session, the highest since March 27 amid negative stability of the dollar index, the lowest since May 27, according to the inverse relationship between them on the eve of developments and economic data expected on Monday by the US economy The world's largest economy.

Gold futures for August delivery rose 0.45% to currently trade at $ 1,316.70 an ounce, marking the highest in more than two months compared with the opening at $ 1,312.50 per ounce, amid the decline of the US dollar index of 0.02% To 97.62 levels, showing a weekly low of 97.64.

On the other hand, investors are awaiting the final reading of Markit Industrial PMI by the United States, which may reflect a widening to 50.8 compared to 50.6 in the preliminary reading last month, compared to 52.6 in April.

Before the world's largest industrial nation could see the Industrial Supply Institute index reading, which may show growth accelerating to 53.0 versus 52.8 in April, as the ISI Manufacturing Index may show growth accelerating to 51.5 versus 50.0, And coincided with a reading of the Construction Spending Index, which could reflect a rise of 0.9% versus 0.9% in March.

To Federal Reserve Chairman and Federal Reserve Chairman James Bullard in Chicago, hours before Federal Reserve Chairman and Federal Reserve Chairman Jerome Powell was due to speak on Tuesday about the Fed's policy strategy and tools as well as communication practices at the event hosted by Bank Chicago Fed.

Technical Analysis

 The price of gold confirmed the breach of the level of 1302.60 after the end of trading last week above it, reinforcing expectations for the extension of gold gains to reach levels of 1320.00 and then 1346.70 as the next major stations.

Therefore, we await further upside in the coming sessions supported by SMA 50, taking into consideration that stability above 1302.60 is important to achieve the expected targets.

The trading range for today is among the support at 1295.00 and resistance at 1320.00.

The general trend for today is bullish.